On the London-based ICE exchange, the price of Brent crude oil futures for August 2026 delivery has surged by 1.91%.
According to the Operative Information Center-OMM, the price of Brent crude oil increased by 2.58%, reaching $95.5 per barrel.
As of 08:09 Baku time, Brent crude was trading at $94.88 per barrel, reflecting a 1.91% increase. Meanwhile, WTI crude oil futures for July 2026 delivery rose by 2.13%, reaching $91.95 per barrel.
The market volatility follows reports that the US military has conducted additional strikes on targets within Iran. In response, Iran has reportedly closed the Strait of Hormuz to all vessel traffic. These developments in the Middle East have directly impacted global energy markets, fueling concerns over supply disruptions.
The Strait of Hormuz is a critical maritime chokepoint, through which a significant portion of the world's oil supply passes daily. Historically, any military escalation in this region leads to immediate fluctuations in global energy prices due to fears regarding the security of international shipping lanes and the potential for restricted oil exports.
