Oil surges past 100 dollars per barrel and nears 120 dollars

The price of Brent crude oil for May 2026 delivery exceeded $119 per barrel on London's ICE Exchange for the first time since June 17, 2022, according to trading data.

As of 5:30 a.m. Moscow time (2:30 a.m. GMT), oil was trading at $119.36 per barrel (up 28.77%). By 5:35 a.m. Moscow time (2:35 a.m. GMT), the price of oil was at $117.8 per barrel (up 27.09%).

Yesterday, oil prices eclipsed $100 per barrel for the first time in more than three and a half years as the Iran war hinders production and shipping in the Middle East.

The price for a barrel of Brent crude was at $107.97, up 16.5% from its Friday closing price of $92.69. WTI was selling for about $106.22 a barrel. That’s 16.9% higher than it closed Friday at $90.90.

Russian presidential investment envoy Kirill Dmitriev said on Monday that oil prices above $100 a barrel are strengthening Russia's influence in the global economy and geopolitics.

"Oil has surpassed $100, and Russia's voice in the global economy and geopolitics is even stronger," Kirill Dmitriev said.