As of 00:10 GMT this morning, the June delivery Brent contract surged 66 cents or 0.63 percent to $104.63 per barrel, building upon a record-breaking rally in March, according to the Reuters news service.
Citing historical data from LSEG dating back to June 1988, the agency noted that Brent front-month futures achieved a record 64 percent monthly gain in March.
Meanwhile, US West Texas Intermediate (WTI) crude futures for May rose 96 cents or 0.95 percent to $102.34 per barrel, while WTI futures for June increased 46 cents or 0.49 percent to $93.62 per barrel.
LSEG analysts observed that despite ongoing diplomatic efforts and US administration statements hinting at a swift conflict resolution, the cumulative effect of minimal tangible diplomatic progress, ongoing maritime attacks, and explicit threats against energy assets has skewed supply risks in a positive direction.
Prices rebounded somewhat from Tuesday’s losses, as reported by Reuters, after Brent futures for June delivery closed down more than $3 following unverified media reports that Iran’s president was prepared to end the war.