Supply chain constraints push oil prices near two-month high

The oil price today was trading near a two-month high on May 27. According to a report by Reuters, the Brent Crude is on track for its biggest weekly jump in over a month. 

The brent crude futures were at $117.31 per barrel. It touched a high of $118.17 in the same session. Oil prices are set to rise 4 per cent in this week alone, the report added.

The global oil prices have been under high pressure due to the ongoing Russia Ukraine war. 

Russia is one of the biggest suppliers of oil to the world and the Black Sea plays a monumental role in the supply of the commodity. 

The trade routes in the region have been put at a halt following the war. This has pushed the oil prices to unprecedented highs. In 2022 alone, the oil price has surged 50 per cent.