The price of a barrel of Brent crude has risen to $117, reaching its highest level since 2022.
The price increase followed a statement by US President Donald Trump that the United States would not strike Iran before the congressional elections.
Brent is one of the main benchmarks for pricing in the global oil market, so changes in its value also affect global prices for other types of crude oil and petroleum products.
The rise in oil prices shows how quickly statements about US foreign policy can affect global energy markets. Trump’s remarks concerned the timing of potential military action against Iran, and the market reacted in their wake.
Brent’s price is an important indicator not only for oil trading but also for the global petroleum products market. If the price increase persists, its effects could extend to fuel prices as well. However, the available data do not yet indicate how long the rise will last. A single price figure is not enough to assess the market’s future trajectory.
