A barrel of Brent for delivery in May reached $85.12 this Tuesday, March 3, the highest value since July 2024, having risen around 8%.
Oil prices continue to rise, with investors fearful of the conflict in the Middle East. Markets fear that the conflict will extend beyond expectations, potentially causing supply disruptions, given limitations in the Strait of Hormuz.
Across the Atlantic Ocean, the equivalent, West Texas Intermediate, for delivery in April, rose 7.36% to $76.47.
The Strait of Hormuz is the world’s main oil and gas transportation route, through which about one in every five barrels of oil passes, and any disruption to this route has an immediate impact on the global economy, according to the United States Energy Information Administration.
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