The price of Brent crude oil rose 6% on Wednesday afternoon, approaching $90 per barrel, according to market reports. The increase extends a period of volatility in global energy markets shaped by Middle East geopolitical developments.
Brent crude oil rose 6% on Wednesday afternoon, approaching $90 per barrel, according to market reports. The move adds to a volatile period for global energy markets that have been heavily influenced by Middle East geopolitical developments over recent weeks.
The Zioneer has previously reported on wide fluctuations in oil prices, including a spike to $97 in late July, a drop below $70 in June, and a recent period of trading around $85. Prices have responded to events such as the disruption of shipping through the Strait of Hormuz and shifting expectations around the US-Iran peace deal.
This afternoon's jump brings Brent crude back toward the upper end of its recent trading range. No specific catalyst for the sudden increase has been confirmed in market reports.
2 developments
Source and signal
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