Black oil prices witnessed a noticeable increase over the past week; It crossed the barrier of $85 per barrel in Thursday’s trading session, for the first time since last November. Experts attributed this increase to increased demand from American refineries after they completed regular maintenance.

Brent crude futures rose by 3.97% to reach $85.34 per barrel, and US West Texas Intermediate crude also witnessed a rise of 3.88% to reach $81.09 per barrel. Prices ranged during most of last month between $80 and $84 per barrel, and the International Energy Agency also raised its expectations. The demand for oil in 2024 for the fourth time since November, in light of the Houthi attacks that are hindering shipping movement in the Red Sea, and the agency expects a slight supply deficit this year, after OPEC+ members extended production cuts.

These gains came despite the US dollar rising at its fastest pace in eight weeks. Which increases the cost of crude oil for users of other currencies. Ukrainian strikes on Russian oil refineries also contributed to the rise in prices. It caused a fire in the largest refinery belonging to Rosneft, in one of the most serious attacks on the Russian energy sector in recent months.