Brent Oil Rises 6.76% But Closes Down and Below $100
The price of a barrel of Brent crude for May delivery rose 6.76% this Monday in a highly volatile session for the market, marked by the context of the military escalation in the Middle East, but closed below $100 at the close of trading on the London futures market. […]
TL;DR
- Brent crude price rose 6.76% in a volatile session influenced by Middle East conflict.
- The price reached over $118 but closed below $100 at $98.96.
- A sharp drop to $84.50 occurred after U.S. President Donald Trump stated the war with Iran is 'practically over.'
- The market had initially surged by nearly 28% due to fears of supply interruptions in the Middle East.
- The closure of the Strait of Hormuz, a key oil transit route, is a critical factor influencing prices.
- G7 ministers expressed readiness to use strategic reserves to stabilize the market.
- Future oil prices depend on how long the Strait of Hormuz remains closed.