The price of September futures for Brent crude on the London Stock Exchange rose by $4.33 (4.28%) to a record $105.49 per barrel.
August futures for West Texas Intermediate crude on the New York Mercantile Exchange (NYMEX) rose by $4.01 (4.11%), or up to $101.6 per barrel.
Traders continue to evaluate the results of US President Joe Biden’s visit to Saudi Arabia, where Biden said after the visit that he had discussed with the leadership of Saudi Arabia the issue of oil supplies to the world market.
“We have had positive discussions about global energy security and reliable oil supply mechanisms to support global economic growth,” he added, noting that he expects “other steps” from Saudi Arabia in the coming weeks.
The Saudi ministers stressed that the decision to increase production will be made taking into account market conditions and within the framework of agreements within the framework of OPEC+.