The price of Brent crude continues to rise rapidly amid the deteriorating situation in Iran. On Wednesday evening, March 18, the price of May futures contracts on the London Stock Exchange exceeded $111 per barrel for the first time.
As of 23:12 Moscow time, the barrel was trading at $110.56, up 7.14 percent. By 23:50, the rise accelerated, and Brent reached $111.15.
May futures for US West Texas Intermediate crude also rose 3.07% to $98.60 per barrel, according to reports. RIA Novosti.
On March 12, the Special Representative of the Russian President for Investment and Economic Cooperation, Head of the Russian Direct Investment Fund, Kirill Dmitriev, predicted the beginning of the largest energy crisis in history, which is associated with a sharp rise in oil prices.
On March 9, the cost of Brent oil futures for delivery in May this year on the London ICE exchange rose by almost 20 percent – to $111.4. Media reports reported that global stock markets recorded a collapse in their indices linked to the escalation of the conflict in the Middle East.