London – Reuters News Agency reported. Contract market traders are actively purchasing oil options contracts. They are betting Brent crude prices will rise. Traders predict it will reach an all-time high of at least $150 per barrel. This is expected by the end of April. The ongoing war in the Middle East continues to restrict supplies. This impacts transit through the Strait of Hormuz.
According to Reuters, Brent crude prices have already surged. It is currently trading at approximately $107 per barrel. This applies to May delivery contracts. Prices have increased by nearly 50 percent. This rise began on February 28. That was when the US-Israeli war against Iran started. This conflict effectively obstructed oil transit through the Strait of Hormuz.
Reuters also noted that prices remain volatile. This occurs despite early indications. Washington and Tehran are reportedly exploring options to end the conflict.