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Brent is trading at around $ 79.14 per barrel

The price of Brent crude oil in the North Sea this afternoon, July 10, 2018, exceeded $ 79 per barrel. This is 1.53% above the level of closing of previous trades.
It should be noted that the rise in oil prices is associated with a number of events, so there were difficulties with the supply of raw materials and a shortage of food. In particular, we are talking about the failure of Syncrude in Canada, the reduction of exports from Libya and Venezuela, as well as the possible strike of oil workers in Norway. In addition, oil prices are rising amid the US intention to completely stop the shipment of oil from Iran.
Earlier, the government of Saudi Arabia announced its readiness to increase oil production in order to stabilize the world market.