Ice Brent crude reaches two-year high

Oil

The front month contract price for Ice Brent crude oil increased to over $72/ bbl earlier today, the first time that this value has been breached since May 2019, Reuters report. Oil prices have recently rallied following indications of gradually increasing global demand, as well as the news that OPEC+ have decided to maintain their agreed production restraints through July. Prices have also been supported by the reduced expectation of an imminent return of Iranian crude to the global market after talks between the United States and Iran slowed.