Brent crude tops $117 amid surge, highest since June 2022

The price of a barrel of Brent crude oil for May 2026 on London's ICE exchange has exceeded $115 for the first time since June 29, 2022, Report informs, citing trading data.

As of 8:12 am Baku time (GMT+4), the price of oil rose by 23.21% to reach $115.33.

As of 8:16 am, the price increase accelerated and exceeded $117 per barrel for the first time since June 17, 2022, rising to $117.16 (an increase of 26.4%).

As of 8:20 AM, a barrel of oil was being sold at $118.73 (an increase of 28.09%).

As of 08:25 AM Baku time, the price stood at $116.36 per barrel (+25.54%).