Brent crude trades above $116 as model values $94
Brent crude is trading above $116 per barrel, while JP Morgan’s model values the benchmark at $94. The price rise continues a streak of four straight monthly gains. An eight‑month conflict with Iran and recent drone and missile attacks on dozens of tankers add volatility. Shipping costs for Middle‑East crude have hit record levels, prompting producers to offer discounts.
Key facts
- Natasha Kaneva leads JP Morgan’s global commodities division.
- Shipping costs for Middle‑East crude have reached record levels.
- Dozens of tankers were hit by drones or missiles recently.
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Why it matters
Elevated oil prices pressure global fuel costs.
What changed
First published from OilPrice.com