Brent crude prices breach $85 per barrel for the first time since April

Brent crude prices rose by more than 1% on Tuesday, exceeding $85 per barrel for the first time since the end of last April due to escalating tensions in Europe and the Middle East and posing a threat to global supplies.

Tyler Ritchie of Sevens Report Research said in a statement to Market Watch that oil prices have recovered from the decline they suffered at the beginning of this month with the support of OPEC’s estimates of the future demand for oil.

He explained that the effects of the initial reaction to the OPEC+ alliance’s decision to abandon some voluntary production cuts at the beginning of the last quarter of the year; It was completely reflected, with the coalition emphasizing its flexibility towards production cuts in accordance with the requirements of market conditions.