Crude prices spike on global markets, Brent hits multi-month high

Global oil prices climbed sharply in early trading, with both Brent and WTI crude futures posting gains of more than 4%.

Brent crude futures for July 2026 delivery on the London ICE exchange rose 4.64% to $105.99 per barrel as of 08:59 Moscow time, Caliber.Az reports, citing Russian media.

By 09:19 Moscow time, Brent’s gains had moderated slightly, with the benchmark trading up 4.3% at $105.65 per barrel.

Meanwhile, WTI crude futures for June 2026 delivery advanced 4.96% to $100.15 per barrel.

By Vafa Guliyeva