Brent crude price reaches $119 per barrel

Oil prices have surpassed $100 per barrel, Bloomberg reports.

According to the report, the price of Brent crude has risen by 29%, reaching $119.50 per barrel.

It is noted that oil prices have increased due to several factors. A number of major producers have reduced output amid the conflict in the Middle East, the Strait of Hormuz is almost closed, and the United States has threatened to escalate the conflict, which has disrupted energy markets.