The price of Brent oil for the first time in five months exceeded $111 per barrel
The value of the Brent brand for the first time since May 20 rose above $ 111 per barrel. Quotes go up amid continuing risks for oil supplies to the Middle East
On Tuesday, October 20, Brent crude oil prices rose above $111 per barrel for the first time in five months. The cost of December futures on Brent on the London exchange ICE Futures increased by 1.36% and reached a maximum of $111.05 per barrel. This is evidenced by the auction data at 9:00 GMT. The previous time oil of this grade was traded above $ 111 per barrel on May 20.
Quotes are rising against the backdrop of continuing risks for oil supplies to the Middle East, despite signs of a recovery in oil exports from the Gulf countries and the prospect of additional energy supplies from Russia, reports The Wall Street Journal.
Iran continues to demonstrate its control over the Strait of Hormuz, with maritime authorities reporting multiple attacks on commercial vessels. At the same time, Saudi Arabia and the Iran-backed Yemeni Houthis are trading blows.
The rise in prices followed Monday's decline, when the price of Brent crude fell 2.77% from Sunday's close as U.S. President Donald Trump decided to suspend newly imposed sanctions on Russia.
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