Brent crude surges past $116 as oil rally gains momentum updated

Global oil prices accelerated their gains on Thursday, March 19, with the price of a barrel of Brent crude exceeding $116.

According to trading data cited by Caliber.Az, May futures for Brent crude rose by 8.15% compared to the previous close, reaching $116.13 per barrel for the first time since March 9.

At the same time, May futures for WTI increased by 1.38% to $96.78 per barrel.

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The price of May 2026 futures for Brent crude on the London-based ICE exchange exceeded $113 per barrel for the first time since March 9, 2026.

Trading data indicates that Brent crude rose by 5.37% to $113.15 per barrel, while May futures for WTI increased by 1.08% to $96.49 per barrel, Caliber.Az reports via foreign media.

By Tamilla Hasanova