Brent Crude Oil Prices Fluctuate Following Geopolitical Developments

Brent crude oil prices experienced significant fluctuations following recent events in the Middle East. With the opening of Asian markets, Brent prices initially rose before declining.

Specifically, on the Singapore Mercantile Exchange, Brent crude increased by $4.10, reaching $81.40 per barrel, the highest level since January. This increase was attributed to the initial market reaction following a US bombing in Iran.

However, this rise was short-lived. Prices soon fell to $78 and then to $77.70 per barrel, a level similar to that of last Friday (June 20). During the day, the price continued to decline, reaching around $76.6 per barrel.

Increases were also observed in natural gas prices. The monthly contract on the Dutch TTF, a benchmark for European gas prices, rose to €41.510 per MWh, from €40.929/MWh last Friday.