Brent Crude Oil Surpasses $120 per Barrel for First Time Since 2022

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Brent crude oil prices surged past $120 per barrel for the first time in nearly three years during trading on the Intercontinental Exchange in London. The last time this level was seen was in June 2022.

July 2026 futures contracts experienced a rapid increase, rising by 7.88% to reach $120.03 per barrel at 22:32 Moscow time (19:32 GMT).

However, just a few minutes later, the upward momentum slowed slightly. By 22:37 Moscow time (19:37 GMT), the price had adjusted to $119.95 per barrel, still showing a significant gain of around 7.8%.

American WTI crude oil also saw a strong rise, with June futures climbing 8.15% to reach $108.07 per barrel.