Oil prices extend gains, Brent crude jumps about 5%
04/05/2026
Argaam
Oil drilling rigs
Oil prices rose today, May 4, amid the absence of a peace agreement between the US and Iran, despite US President Donald Trump announcing the start of efforts to aid vessels stranded in the Strait of Hormuz.
Brent crude futures for July delivery rose by 4.9%, or $5.39, to $113.56 per barrel at 01:26 p.m. Makkah time.
WTI crude futures for June delivery increased by 4.85%, or $4.93, to $106.87 per barrel.
OPEC+ announced on Sunday an increase in targeted production by 188,000 barrels per day in June for seven member countries, marking the third consecutive monthly increase, Reuters reported.
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