MOSCOW, March 2. /TASS/. The price of futures contracts of Brent crude oil for May 2026 delivery on London’s ICE has slowed growth to $77.11 per barrel after exceeding $82 as the trading session opened amid escalation in the Middle East, according to trading data.

As of 2:00 a.m. Moscow time (11:00 p.m. GMT of the previous day) the price of Brent futures contracts for May delivery was up above $82 per barrel for the first time since January 16, 2025 at $82.37 (+13.04%).

Later the Brent price slowed growth, reaching $78.88 per barrel (+8.25%) by 2:50 a.m. Moscow time.

As of 7:06 a.m. Moscow time (4:06 a.m. GMT) the Brent price was up by 5.82% at $77.11 per barrel. Meanwhile the price of futures contracts of WTI crude oil for April 2026 delivery was up by 5.54% at $70.73 per barrel.

The trading week on London’s ICE Futures exchange, considered the most indicative for Brent, ended February 27 with May futures at $72.87 a barrel.

According to Rystad Energy consultancy, the lack of de-escalation of the conflict in Iran and the actual suspension of movement of tankers through the Strait of Hormuz, which connects the Persian Gulf to the Gulf of Oman and further to the Indian Ocean, can lead to price growth of 20% already at the beginning of the week. LNG prices could rise by 25%, according to an estimate of experts surveyed by the Financial Times.

On February 28, the United States and Israel launched a military operation against Iran. Major Iranian cities, including Tehran, were hit. Iran’s state television reported earlier that the Islamic Republic’s Supreme Leader Ali Khamenei had been killed.