New phase of crisis, oil price at $111 per barrel: situation on energy markets

MOSCOW, May 18. /TASS/. The global energy crisis caused by the Middle East conflict is entering a new phase as the summer season approaches, the Financial Times reported, citing sources.

The price of futures contracts of Brent crude oil for July 2026 delivery on London’s ICE has climbed above $111 per barrel for the first time since May 5.

TASS has compiled the main information on the situation in global energy markets.

- The price of futures contracts of Brent crude oil for July delivery on London’s ICE has risen above $111 per barrel first since May 5, according to trade data.

- As of 1:00 a.m. Moscow time (10:00 p.m. GMT on the previous day) the Brent price was up by 1.91% at $111.35 a barrel.