The price of Brent crude oil exceeded $102 for the first time since May 22

The price of the November Brent crude futures on the London ICE exchange exceeded $102 per barrel by 11:40 Moscow time for the first time since May 22, 2026. This is evidenced by the auction data on September 10.

The main driver of the sharp rise in energy prices was the sharp aggravation of the geopolitical situation in the Middle East. As reported by The Economic Times, the key factor in the price increase was the clash between the United States and Iran. Tehran has announced an attack on 10 vessels in the Strait of Hormuz.

Additional pressure on the market was exerted by the actions of the Iranian-backed Houthis. According to the Trading Economics portal, the attacks were aimed at energy facilities in Saudi Arabia. This led to the temporary suspension of some production operations in the kingdom.

The current Brent quotes at $102.09 are the highest in the last few months. According to the portal, over the past month, the cost of the North Sea mixture has increased by 14.83%. On an annual basis, the growth dynamics turned out to be even more pronounced, amounting to more than 53%.

In turn, the experts presented long-term macroeconomic models of the situation. According to their forecasts, in 12 months the price of Brent may reach $ 113.59 per barrel.

Barrel sufficiency: oil is more expensive than $90 by the end of 2026 will close the budget gap

Why is it likely that the treasury will not be able to make a profit in the near future?

Bloomberg reported on September 7 that oil prices could rise to $120 per barrel in the event of increased attacks on ships in the Middle East. At the same time, the opposite scenario is also being considered, in which, after the normalization of exports, the price of oil may drop to $ 80 per barrel.