Oil prices are rising again: how much has “black gold” gone up in price?
6 April 12:06
Oil prices are rising slightly on Monday, April 6, as markets remain concerned that they will not receive oil shipments from a key production region due to shipping disruptions caused by the U.S.-Israeli conflict with Iran.
Reports "Komersant Ukrainian", citing Reuters.
Brent crude futures rose 0.94% to $110.06 per barrel by 08:44 Kyiv time, while WTI crude futures rose 0.29% to $111.86 per barrel. On Thursday, the last trading day before the Easter weekend, WTI futures rose by more than 11%, and Brent futures by nearly 8% during a volatile session, marking the largest jump in absolute terms since 2020 after U.S. President Donald Trump decided to continue strikes against Iran.
Due to supply disruptions, refiners are seeking alternative sources of crude, primarily physical oil shipments from the U.S. and the British North Sea sector.
“Global buyers are aggressively competing for barrels from the Gulf of Mexico shelf, and Brent is rising even faster,” analysts at the Schork Group noted in a client report.
On Easter Sunday, U.S. President Donald Trump further escalated his rhetoric, threatening Tehran in profanity-laced terms with the destruction of power plants and bridges if the strategically important Strait of Hormuz is not opened by Tuesday.
In recent days, several vessels have passed through the Strait of Hormuz, including a tanker operated by an Omani company, a container ship owned by a French company, and a gas carrier owned by a Japanese company, according to vessel tracking data.
Meanwhile, eight OPEC+ countries agreed on Sunday to increase oil production quotas in May by 206,000 barrels per day; however, this decision will largely remain on paper, as a number of the group’s key producers are unable to ramp up production due to the war in the Middle East.
