Brent continues to rise due to instability in Middle East

Brent crude oil is rising moderately on April 29 morning, while WTI prices are declining slightly, Report informs via Interfax.

As of 9:09 AM (GMT+4), June Brent futures on the ICE Futures exchange were trading at $111.51 per barrel, up $0.25 (0.22%) from the previous session's close. The previous day, contracts had risen $3.03 (2.8%) to $111.26 per barrel.

June WTI futures on NYMEX electronic trading had fallen $0.18 (0.18%) to $99.75 per barrel by this time. By Tuesday's close, they had risen $3.56 (3.7%) to $99.93 per barrel.

Investors continue to closely monitor developments in the Middle East. Negotiations to resolve the US-Iran conflict have effectively reached a deadlock.

US President Donald Trump has instructed his team to prepare for a prolonged blockade of Iran. In recent weeks, Trump has repeatedly advocated increasing economic pressure on Tehran by restricting ships from leaving Iranian ports. He believes that alternative scenarios-resumption of strikes or abandonment of confrontation-pose greater risks for Washington.

Meanwhile, the UAE announced yesterday its intention to withdraw from OPEC and the OPEC+ agreement effective May 1. The official statement stated that the decision was made following a comprehensive review of production policy and is driven by a desire to more effectively respond to current market needs.