Oil Prices Hit Highest Level Since Early This Month

Oil prices continued to rise, with global benchmark Brent crude futures surpassing $101 per barrel today, Wednesday, marking the first time since August 3rd. As of 11:50 Moscow time, U.S. West Texas Intermediate (WTI) crude futures increased by 1.28% to $94.94 per barrel. Meanwhile, Brent futures rose by 1.32% to $101.4 per barrel, according to Bloomberg data. The increase followed media reports citing sources within the OPEC+ group, which includes Russia and Saudi Arabia, suggesting that the group may consider reducing oil production in the event of a supply surplus following an agreement between Iran and Western countries regarding the nuclear deal and lifting sanctions on Iranian oil.