Brent oil futures for May 2026 on the London ICE exchange dropped below $90 just a day after reaching a peak of $119.
Yesterday, the price of Brent on the exchange reached $119 per barrel, while the price of Russian oil approached $120 for the first time since June 17, 2022.
This sharp increase occurred as a result of restrictions on tanker movements through the Strait of Hormuz, which was effectively blocked by the Islamic Revolutionary Guard Corps, threatening to attack any vessels attempting to pass through.
In light of these events, President Donald Trump announced that the U.S. and Israel had managed to weaken Iran, assuring that the war is nearing its end. He also stated that Washington plans to lift sanctions related to the oil sector to prevent further increases in oil prices.
