Brent crude rises 17% over past week

Brent crude oil continues to rise in price amid the lack of progress in resolving the Middle Eastern conflict, Report informs via Interfax.

According to the agency, as of 9:15 am Baku time (GMT+4), June Brent futures were rising on the London ICE Futures exchange by $2.07 (1.97%) to $107.4 per barrel. On Friday, Brent rose by $0.26 (0.25%) to $105.33 per barrel.

June WTI futures by that time were rising in electronic trading on the New York Mercantile Exchange NYMEX by $1.6 (1.69%) to $96 per barrel. In the previous session, the contract fell by $1.45 (1.5%) to $94.4 per barrel.

Last week, Brent rose by 17%, WTI by 14%.

The agency notes that the price increase is linked to the fact that US-Iran negotiations once again did not take place over the past weekend, and the Strait of Hormuz remains effectively closed.

Given the situation, Goldman Sachs analysts raised their Brent price forecast for the fourth quarter of this year to $90 per barrel from $80, noting a reduction in oil production in the Persian Gulf due to the conflict.