On the ICE Futures exchange, May futures for Brent climbed to $116.83 per barrel, which is $24.14 higher than the previous trading day. On Friday, March 6, the price of Brent contracts increased by $7.28, reaching $92.69 per barrel.
April futures for WTI oil on NYMEX surged by $24.91 (27.4%), totaling $115.81 per barrel. In the previous session, their price rose by $9.89, reaching $90.90 per barrel.
The situation was exacerbated by the fact that a significant portion of oil supplies from the Middle East was blocked due to the effective closure of the Strait of Hormuz, forcing major producers to cut back on production amid overflowing storage facilities.
