Oil prices surge, with Brent Crude reaching $85.67 per barrel

The price of Brent crude oil increased to $85.67 per barrel, while the price of West Texas Intermediate (WTI) crude increased to $80.88 per barrel.

Amidst mounting worries about a more limited global supply of oil due to the intensifying conflicts in the Middle East and between Russia and Ukraine, there has been a notable surge in oil prices.

Furthermore, the number of rigs in the United States has decreased, which has increased price pressure.

Concern over the world’s oil supply was raised by rising geopolitical tension, an increase in attacks on energy facilities in Russia and Ukraine, and waning hopes for a ceasefire in the Middle East, according to Hiroyuki Kikukawa, President of NS Trading, a division of Nissan Securities.

The recent spike in oil prices coincides with reports, according to Kyiv, that Russia has been firing missiles at vital infrastructure in the western region of Lviv, Ukraine.

Tensions in the area increased when a single Russian cruise missile momentarily entered Polish airspace as a result of this massive air strike.

A crucial crude oil grade in Nigeria, Bonny Light, was trading at $87.46 per barrel late on Friday.