Oil prices have risen to a four-year high
On Thursday, April 30, global oil prices surged to their highest level in more than four years. The rise came amid the ongoing blockade of the Strait of Hormuz, which is affecting global energy supplies and heightening market tensions.
This was reported by dpa.
Specifically, the price of Brent crude for June delivery rose by 7% to $126.41 per barrel, the highest level since the beginning of 2022.
Since the start of the conflict with Iran in late February, the price of Brent crude has risen by more than 70%, while the U.S. benchmark West Texas Intermediate (WTI) has also shown a similar increase.
According to traders, the key factor behind the latest rise was the stalled negotiations between Iran and the U.S.
It is noted that concerns about supply are exacerbated by the lack of any immediate prospect of reopening the Strait of Hormuz, which is a critical chokepoint for global oil and gas supplies.
Expensive oil will not save the Russian economy.
