“In fact, Brent oil prices have crossed the threshold of $89 per barrel, which has not been the case for a long time. I see several reasons for this dynamic. Firstly, Brent and WTI oil prices ended March and the first quarter of 2024 with generally strong growth - so now we see a continuation of this trend,” the expert explained.
Secondly, according to him, many leading exchanges have been closed since the end of last week - there are a series of Easter holidays in Europe.
“And finally, the market responded to Mexico's announcement of an export suspension. In addition, after Israel’s attack on the Iranian consulate in Syria, the situation in the Middle East may continue to heat up, which will also result in an increase in oil prices. All together, this resulted in a stable increase in quotes, and, in my opinion, the situation will last at least another month,” concluded RT’s interlocutor.
It was previously reported that the price of Brent oil exceeded $89 per barrel for the first time since October 30 last year.