Amid growing concerns triggered by the escalation of conflict in West Asia, international oil prices maintained an upward trend during trading on the 18th. At one point, the May delivery London Brent crude oil futures price broke through $110 per barrel (approximately RM430).
At the close of trading that day, the April delivery light crude oil futures price on the New York Mercantile Exchange rose by $0.11 to close at $96.32 per barrel, an increase of 0.11%. The May delivery London Brent crude oil futures price rose by $3.96 to close at $107.38 per barrel, an increase of 3.83%.
Citi Group analysts believe that Brent crude oil futures prices may rise to $120 per barrel in the coming days. If energy infrastructure suffers widespread attacks or the Strait of Hormuz remains closed for a prolonged period, the average prices of Brent crude oil futures in the second and third quarters of this year may reach $130 per barrel.