Brent crude oil prices have reached $120 per barrel for the first time in four years
Kyiv • UNN
The price of a Brent barrel has risen to $120 for the first time since 2022 amid the naval blockade of Iran. The UAE announced its withdrawal from OPEC due to the escalation of the conflict.
World oil prices have risen sharply, and on April 29, the price of a barrel of Brent reached $120 – for the first time since June 17, 2022. This is evidenced by data from the London ICE exchange, media reports, according to UNN.
Details
In a single day, oil prices rose by approximately 7%. As recently as April 20, the price remained below $100 per barrel. The sharp increase occurred against the backdrop of the escalating situation surrounding Iran and the decisions of key players in the oil market.
US President Donald Trump stated that he would not lift the naval blockade of Iranian ports until a new agreement on Tehran's nuclear program is reached.
The blockade is in some ways more effective than bombing. They are suffocating… And it will only get worse for them. They cannot have nuclear weapons
UAE decision and market impact
Additional pressure on the market was created by the decision of the United Arab Emirates to withdraw from OPEC and OPEC+ amid the energy crisis related to the war against Iran. One of the key oil exporters is effectively abandoning production limits.
The combination of geopolitical tension and changes in the policies of major producers is creating instability in the market. The full impact of these factors on future price dynamics currently remains uncertain.
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