Brent oil briefly breached the $95 mark, marking a new high not seen since November 2022, according to trade data reported by TASS. The move captured attention across markets as traders weighed supply concerns and potential geopolitical risks that could influence global benchmarks. As the session unfolded, buyers eyed the North Sea benchmark while analysts noted that momentum could hinge on a mix of production signals and inventory numbers released by major oil nations. (TASS)
On the London ICE exchange, Brent climbed to 95.03 at 6:52 Moscow time, before easing slightly to 94.98 a short while later as traders reassessed near-term supply dynamics and regional indicators. The volatility underscored the market’s sensitivity to headline news and macro cues, even as demand expectations from major consuming regions remained a supportive factor for prices. (ICE data)
Meanwhile, U.S. crude futures showed WTI for November delivery trading at 91.25 per barrel, reflecting a separate but related sentiment about the trajectory of oil demand and the curve of futures contracts across the Atlantic. Market participants continued to scrutinize inventory trends, production signals, and the pace of recovery in global demand, with some analysts cautioning that price moves could be tempered by policy developments and currency movements. (Market data)
Earlier forecasts for the week ahead suggested a potential range for Brent between 90 and 95 dollars per barrel, with some analysts predicting a continued tightening of supply offsets against fluctuating demand. The expectation reflected ongoing uncertainties from both supply disruptions and the pace of economic activity in key consuming regions, as traders weighed potential shifts in OPEC+ output and geopolitical risk premiums. (Forecast commentary)
Igor Galaktionov, a stock market expert at BCS World of Investments, noted that force majeure events can recur at mining facilities and indeed influence price volatility. He cited possible scenarios such as strikes in Norway, military actions in Libya, attacks on tankers in the Persian Gulf, and hurricanes in the Gulf of Mexico as factors capable of interrupting flows and prompting price spikes. His assessment highlighted how external events can periodically reshape the risk landscape for crude markets. (Galaktionov commentary)
Earlier, trading in Russia reflected a similar mood, with Ural oil prices rising above the previously cited ceiling of 60 dollars per barrel, signaling renewed momentum across domestic benchmarks and a broader appetite for energy assets amid global volatility. The developing price trajectory for Urals alongside Brent and WTI illustrated the interconnected nature of regional and international markets as investors weighed currency movements, sanctions considerations, and supply expectations. (Market recap)