Brent rose above $80 per barrel

Oil prices have been rising for the fifth consecutive auction due to concerns about possible supply disruptions amid the escalation of the conflict in the Middle East. 

Barbara Lambrecht, commodity analyst at Commerzbank, noted that geopolitical tensions could intensify at any moment, which would put additional pressure on price growth. Geopolitical risks are likely to remain a key factor influencing oil price trends.

The data published last week in the United States turned out to be better than forecasts, which reduced concerns about a possible recession in the country's economy. These data reinforced traders' confidence that the Federal Reserve could cut interest rates as early as next month, which in turn could boost fuel demand.

The current price of Brent crude oil is $80.30 per barrel. North American WTI oil is trading near the level of $77.70. Over the past week, Brent has risen by 3.7%, and WTI — by 4.5%, ending the first of five weeks in the «plus».