Oil rises to almost USD 120 per barrel for first time since 2022

Brent crude oil rose to USD 109 per barrel at the first opening of trading in Asian markets after the weekend, and during further trading reached USD 119.5 per barrel.

The Meduza edition writes about this with reference to Bloomberg.

The report says that this is the largest jump during the day since April 2020.

According to RBC, oil is trading at USD 119 per barrel for the first time since June 17, 2022.

Bloomberg also notes that the oil price reached higher levels in March 2022 (over USD 139 per barrel), and the historical maximum was set in 2008 - over USD 147 per barrel.

According to US President Donald Trump, the short-term rise in oil prices is "a very small price to pay for U.S.A., and World, Security and Peace."

He wrote that "prices drop rapidly when the destruction of the Iran nuclear threat is over" and called anyone who "thinks differently" "fools."

The price of USD 100 per barrel, as The Bell noted, was predicted by analysts for a scenario of a protracted war in Iran (several weeks or more), but without a long-term blockade of the Strait of Hormuz, one of the most important routes for oil exports by sea.

So, according to the same experts, the scenario of a long-term war implies oil at USD 120-150 per barrel.

For now, the Strait of Hormuz remains virtually closed, although Tehran has not officially announced this.

Analysts quoted by Bloomberg suggest that oil prices may rise further world oil prices have skyrocketed and for the first time since the beginning of russia's full-scale invasion of Ukraine in 2022 exceeded USD 100 per barrel.