Brent crude oil prices surpass $140 per barrel.

VTV.vn - World oil prices surged across the board at the opening of trading on April 6, amid ongoing Middle Eastern conflicts that show no signs of abating.

Specifically, the price of West Texas Intermediate (WTI) crude oil futures rose 1.86% to $113.62 per barrel, while the price of Brent crude oil futures increased 1.16% to $110.30 per barrel. Notably, the spot price of Brent crude oil in the North Sea, the most important indicator for actual shipments, surpassed $140 per barrel, its highest level since 2008.

According to observers, short-term supply shortages are worsening as the conflict enters its sixth week. On April 5th, US President Donald Trump warned that the country would intensify military measures targeting Iranian infrastructure if the Strait of Hormuz was not reopened. He stated that attacks on power plants and bridges in Iran would be launched on April 7th if the strategic waterway, a vital shipping route for global trade, was not reopened by the deadline.

Traders noted that despite the tough messages, there was a contradiction in the American leader's rhetoric, as he alternated between declaring the war was nearing its end and threatening increased attacks.

Currently, Iran maintains control over the Strait of Hormuz, a shipping lane that carries approximately 20% of global oil and gas, and only allows a small number of ships to pass through.

At their meeting on April 5th, the Organization of Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, agreed to increase oil production quotas by 206,000 barrels per day starting in May. This is a modest and largely symbolic increase, as key members of the alliance are unable to significantly increase actual production due to the impact of conflicts in the Middle East.

In its statement, OPEC+ also expressed concern that attacks on energy infrastructure are increasing volatility in the oil market and risk negatively impacting future global supply. Furthermore, OPEC+ emphasized the vital importance of protecting international shipping lanes to ensure uninterrupted energy flows. Member countries are scheduled to meet on May 3rd to make further decisions.

Source: https://vtv.vn/gia-dau-brent-vuot-140-usd-thung-100260406102148267.htm