On the ICE Futures exchange, May futures for Brent crude jumped to $116.83 per barrel, which is $24.14 higher than the previous day. On Friday, March 6, the price of these contracts increased by $7.28, reaching $92.69 per barrel.
April futures for WTI crude on NYMEX rose by $24.91 (27.4%) to $115.81 per barrel. In the previous trading session, their price was at $90.90, increasing by $9.89.
An important reason for the price increase was the effective closure of the Strait of Hormuz, which led to the blockage of a significant portion of oil supplies from the Middle East and forced major producers to reduce production volumes due to storage capacity being filled.
