Brent Crude Surges Past $116: How Conflict Is Reshaping the Oil Market.

Oil Prices Spike

According to TSN.ua: Brent crude jumped to $115.84 per barrel, while West Texas Intermediate (WTI) climbed to $101.35 per barrel at the start of London trading. This rally is driven by geopolitical tensions and a shift in who is buying Russian crude. Before the bombing campaign against Iran began, Brent had been trading below $70 per barrel.

As prices rise, India has been aggressively purchasing Russia's Urals grade—now priced higher than Brent. China has also emerged as the top buyer of Russia's seaborne oil, reshaping global demand patterns. Still, India's crude imports are forecast to drop to 1.159 million barrels per day.

War's Toll on the Oil Market

The ongoing war has removed 11 million barrels of oil per day from global supply, tightening the market significantly. In March, Moscow's average daily revenue from raw material exports doubled from $135 million to $270 million, highlighting how current events are reshaping the global energy economy.

Rising oil prices amid global conflicts and shifting supply chains underscore how geopolitical forces continue to drive energy market dynamics.

Growing demand from nations like India and China could further alter global oil price trends, especially given instability in key producing regions. At the same time, India's declining import volumes may signal potential shifts in that country's long-term energy strategy.