Oil prices rose by 0.3%

As of 4 July 2022, 08:35 (UTC+3), Brent Crude futures for September settlement were trading 0.3% higher at $111.97 a barrel on the London-based ICE Futures Europe Exchange.

Light Sweet Crude (WTI) futures for August delivery rose by 0.3% to $108.77 a barrel.

In late June, G7 invited other nations to explore cap on Russian oil and gas price. On July 2, analysts of the American bank JPMorgan Chase predicted that oil prices may rise to $380 per barrel if Russia cuts oil output considerably in response to western sanctions.