Oil Prices Move as Brent Futures Rise to $113.43 per Barrel

On Tuesday, Brent crude futures increased by $0.65 to $113.43 per barrel, after fluctuating between a 2% gain and a 1% loss. The June contract traded at $107.31, while WTI futures for May edged up $0.02, or 0.02%, reaching $102.90 per barrel. The effective blockage of the Strait of Hormuz has led to a 59% increase in Brent futures in March, and WTI has risen by 58%, which is the highest surge since May 2020. Concerns over disruptions in major shipping routes have shifted some crude exports from the Gulf to Saudi Arabia's Red Sea port of Yanbu, which recently handled 4.658 million barrels per day.