Oil prices are showing moderate growth this morning, with market participants' attention still focused on developments in the Middle East, Report informs via Interfax.
June Brent futures on the London ICE Futures exchange as of 9:09 am Baku time (GMT+4) rose by $0.74 (0.77%) to $96.66 per barrel. The day before, the contract gained $1.17 (1.2%), closing trading at $95.92 per barrel.
May WTI futures in electronic trading on the New York Mercantile Exchange (NYMEX) by that time had risen by $0.45 (0.46%), reaching $98.32 per barrel. At the end of the previous session, their price increased by $3.46 (3.7%), amounting to $97.87 per barrel.
Despite the current growth, by the end of the week, contracts for both oil grades may decline by more than 10%, which would be the most significant weekly drop since June 2025.
Reports of Washington and Tehran reaching an agreement on a two-week ceasefire for negotiations caused a crash in oil prices on April 8, but prices subsequently partially recovered amid doubts about the sustainability of the ceasefire regime and the possibility of a swift restoration of shipping in the Strait of Hormuz.