Oil prices jumped more than $1 per barrel Thursday, ending the month higher.
OPEC+’s ongoing production cuts, attacks on Russian energy infrastructure, and fewer U.S. oil rigs have tightened supply, pushing prices up.
May Brent crude reached its highest since October 27 at $87.48 per barrel, up $1.39, or 1.6%.
The busier June contract rose to $87, a $1.58 increase. The May contract expired Thursday.
U.S. West Texas Intermediate (WTI) for May climbed to $83.17 per barrel, up $1.82, or 2.2%.
For the week, Brent was up 2.4%, and WTI gained about 3.2%. Both benchmarks notched their third month of gains, buoyed by geopolitical tension, production shifts, and changing demand.
This series of events highlights the interconnectedness of global markets.
Decisions by major oil players and geopolitical shifts can significantly impact supply and demand, leading to price changes.
This dynamic underscores the importance of these factors in driving oil prices, reflecting the broader economic and political landscapes that influence market movements.