Oil prices rise above $ 75 for the first time since the beginning of 2019

World oil prices hit a new two-year high, rising to $75.28 for the first time since 2019. Since the beginning of the year, the price of Brent has risen by almost 40%.

The oil market was supported by expectations of a recovery in oil demand against the backdrop of a growing global economy, as well as a pause in negotiations on a nuclear deal between the United States and Iran.

The fact is that the presidential election in Iran was won by the supporter of the «hard» line Raisi. And given the fact that it has already been imposed by US sanctions, any deal with Washington now seems unlikely.

At the same time, the recovery of the economies of the USA, Europe and China is causing an increase in demand, despite the difficult epidemiological situation in a number of countries. At the same time, the beginning of the tourist season may lead to an increase in oil prices to new highs. Some analysts even predict the growth of Brent quotes to the $100 per barrel area.