Lead

Brent crude oil futures on London's ICE exchange climbed above $74 per barrel on July 7, the first time since June 30, according to trade data reported by TASS. The rally continued over the following days, with prices eventually topping $83 per barrel on July 13.

Coverage Comparison

TASS reported the initial rise on July 7, noting that as of 5:08 p.m. Moscow time, Brent was up 2.9% at $74.08 a barrel. The agency also said WTI crude futures for August delivery rose 2.54% to $70.29 per barrel.

On July 13, TASS reported a sharp acceleration in prices. One report said Brent surged by more than 5% following a statement by US President Donald Trump regarding the reinstatement of a blockade on Iranian seaports. As of 5:21 p.m. Moscow time, Brent was up 5.29% at $80.03 per barrel.

Later that day, TASS published a series of updates showing Brent breaking through several price levels. At 8:28 p.m. Moscow time, Brent was up 6.59% at $81.02 per barrel, the first time above $81 since June 22. By 8:51 p.m., Brent had topped $82, trading at $82.08 per barrel, up 7.99%, also the first time since June 22. By 9:12 p.m., Brent reached $83.02 per barrel, up 9.22%, the first time since June 16.

Throughout the session, WTI crude futures for August delivery also rose sharply. According to TASS's updates, WTI was up 6.68% at $76.18 per barrel at 8:28 p.m., up 8.39% at $77.40 per barrel at 8:51 p.m., and up 9.79% at $78.40 per barrel at 9:12 p.m.

Key Claims

  • Brent crude rose above $74 per barrel on July 7 for the first time since June 30, up 2.9% at $74.08 per barrel, as reported by TASS.
  • On July 13, Brent crude surged by more than 5% following a statement by US President Donald Trump on reinstating a blockade on Iranian seaports, reaching $80.03 per barrel, as reported by TASS.
  • Later on July 13, Brent topped $81, $82, and $83 per barrel, reaching as high as $83.02 per barrel (up 9.22%), the first time since June 16, according to TASS.
  • WTI crude futures for August delivery also rose significantly, reaching $78.40 per barrel (up 9.79%) on July 13, as reported by TASS.