On January 29, the price of the April futures for Brent crude oil reached $71 per barrel, marking a significant increase, according to data from the London ICE exchange. At 17:03 Moscow time, the price was $71.01, which is 3.82 percent higher than the closing level of the previous session. Such high prices were last observed on August 1, 2025.
The rise in Brent quotes is a result of geopolitical instability in the Middle East. In light of mass protests in Iran, U.S. President Donald Trump expressed a threat of military intervention and stated on January 28 that he was sending "another beautiful armada" of American warships to the region.
In connection with these events, participants in the global energy market are beginning to worry about possible disruptions in oil supplies through the Strait of Hormuz. Iranian authorities do not rule out the possibility of blocking this strategically important channel in the event of further escalation of the conflict in the region. Additionally, experts point to heavy snowfall in the U.S., which has significantly hindered energy resource extraction and may negatively impact the export of American oil.
