The price of Brent crude oil surged above $73 per barrel, which was a record since May 20, 2019. This is evidenced by the trading data of the London stock exchange ICE.

As of 18:25 Moscow time, the price of August futures was exactly $73 per barrel. WTI futures for July rose 1.28 percent to $71.19 a barrel.

Earlier, the Deputy Prime Minister of Russia said that the price of oil can reach $200 per barrel in future if it stops investing in new projects, as the IEA suggests. However, the Russian energy minister does not believe that in the next three years the cost of raw materials will rise to $100 per barrel.