On Thursday, January 29, the price of April futures for Brent crude oil reached $71 per barrel, marking a significant achievement according to data provided by the London ICE exchange.
As of 17:03 Moscow time, the prices for the commodity stood at $71.01 per barrel, which is 3.82 percent higher compared to the close of the previous trading session. Such figures were last observed on August 1, 2025.
The rise in Brent quotes is occurring against the backdrop of escalating geopolitical tensions in the Middle East. U.S. President Donald Trump had previously issued threats of possible military intervention in the situation in Iran, where mass protests are taking place. On Wednesday, January 28, he announced that "another beautiful armada" of American ships is heading to the region.
Participants in the global energy market are expressing concern over potential disruptions in oil supplies through the Strait of Hormuz. Iranian authorities do not rule out the possibility of closing this important transport route if the situation in the region worsens. Additionally, experts point to heavy snowfall in the U.S. as another factor that could reduce oil exports. According to analysts, these weather anomalies seriously complicate extraction and may threaten the supply of American crude to international markets.
