As of 2:28 Moscow time, the price of May futures for Brent crude rose by 9.35%, trading at $129.06 per barrel.

Prices of April futures for WTI rose by 9.68% to $126.12.

The last time the price of Brent reached $128 per barrel was in 2012.

Earlier, an expert at the Financial University under the Government of Russia and a leading analyst at the National Energy Security Fund, Igor Yushkov, in an interview with RT, named the factors affecting oil prices.

Russian Deputy Prime Minister Alexander Novak said that the Russian government expects that the oil market will be balanced by the end of the year, and volatility will end.