The price of Brent crude oil has climbed above $97 per barrel, according to market reports, with the $100 mark reportedly just around the corner.
Brent crude oil has climbed above $97 per barrel in early trading Thursday, July 23, reaching the highest level since the conflict began, according to market reports. The price now approaches the symbolic $100 threshold, extending a rally that has seen sharp increases in recent days.
On Wednesday, July 22, The Zioneer tracked the price as it rose steadily through the day. At 09:45 Jerusalem, N12 reported the price at $92 per barrel amid the ongoing escalation in the Middle East. Shortly after, Abu Ali Express reported a further rise to $93, citing the escalation with Iran. By Wednesday afternoon, market reports showed Brent crude had soared above $95, with concerns over disruptions to global energy supplies driving the rally.
The Zioneer has reported on oil price fluctuations throughout the current period. Back in late June, prices were near $75, approaching pre-conflict levels. A US-Iran peace deal in mid-June briefly pushed prices down to $83, but renewed tensions drove the price back up. By July 8, Brent passed above $80, and by July 14, it surged to $85. The rally has accelerated in the past week, with prices reaching $95 on Wednesday and now $97.
The $100 mark remains a key psychological level. It remains to be seen whether ongoing geopolitical developments, particularly the escalation with Iran, will push prices above that threshold.
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