The price of WTI oil rose above $110 per barrel

The cost of a barrel of American WTI rose above $110 per barrel for the first time since the beginning of March. This is evidenced by trading data on April 2 on the London ICE Exchange.

The price reached $110.28 per barrel, an increase of 10.15% during the trading session. According to the platform Investing.com Analysts attribute the reasons for the jump to the rapid rise in prices due to the worsening situation in the Middle East and the crisis in the Strait of Hormuz, which is a key route for oil transportation, the platform adds.

During the day, the price of WTI fluctuated in the range of $97.56–110.38 per barrel.

Dark Times: How Asia is saving energy due to the war in Iran

Even if the conflict ends soon, it will not be possible to restore energy supplies quickly.

The day before, the Central Bank of Russia called a highly probable increase in the average annual oil price in 2026. It was noted that an increase is possible even if tensions in the Middle East decrease over the next quarter.

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