Brent oil price exceeds 111 dollars per barrel

Oil prices extended gains on Tuesday, with Brent Crude topping $111 per barrel, as the Strait of Hormuz remains inaccessible for more than eight weeks and the U.S.-Iran talks are nowhere near resumption.

The price of futures contracts of Brent crude oil for July 2026 delivery on London’s ICE has increased to over $111 a barrel for the first time since April 7, 2026, according to trade data.

As of 8:32 a.m. Moscow time (5:32 a.m. GMT) the Brent price was up by 2% at $110.4 a barrel.

By 8:36 a.m. Moscow time (5:36 a.m. GMT) the price of Brent had extended gains to 2.81% reaching $111.27 per barrel.

Meanwhile, the price of futures contracts of WTI crude oil for June 2026 delivery was up by 2.48% at $98.76 per barrel.