Prices of Brent and WTI crude oil rose on Monday to their highest levels since mid-2022. In morning trading, both Brent and WTI were above 114 dollars per barrel. Later in the day, the price of Brent approached 119.50 dollars. The increase was linked to concerns about possible disruptions to oil supplies from the Middle East following the escalation of the conflict involving Iran. Markets also reacted to the risk of disruptions around the Strait of Hormuz, a key route for global oil shipments. The scale of Monday’s movement was described as one of the strongest single-day increases in recent years. Current prices remain below the historical peaks recorded in 2008. The record price of Brent stands at 147.50 dollars per barrel, while WTI also exceeded 147 dollars at that time. The latest rise therefore marks very high oil prices, but not an all-time record.
