Brent crude futures for September 2026 delivery climbed above $88 per barrel on the London ICE exchange, marking the first time the benchmark has traded at that level since June 12.
The contract settled at $87.74, reflecting a sharp 4.17% gain in the session as buying interest returned to the energy complex.
The move extends a broader upward trajectory for the benchmark, which had previously breached $83 and $81 per barrel in recent trading sessions.
The move extends a broader upward trajectory for the benchmark, which had previously breached $83 and $81 per barrel in recent trading sessions.
This latest surge represents a significant acceleration in price momentum, pushing the contract well off the pre-war lows observed earlier in July.
The repricing reflects renewed market sensitivity to supply-side risks and shifting sentiment among energy traders.
This development follows a period of normalization in Hormuz shipping routes, which had previously seen Brent retreat to lower levels.