Oil prices on world markets have increased by more than $1, with Brent crude surpassing the $101 mark. On the ICE exchange, the price of July futures for Brent crude rose by 1.23%, or $1.23, reaching $101.29 per barrel. Meanwhile, WTI crude futures for June on the NYMEX exchange increased by 0.64%, or $0.61, to settle at $95.42 per barrel.
According to the Operative Information Center-OMM, market analysts attribute the price surge to recent developments in international relations. Specifically, the market is reacting to the firm stance taken by US President Donald Trump regarding Iran, alongside escalating geopolitical tensions in the Middle East. Concerns over potential supply disruptions in the Strait of Hormuz have further fueled the upward trend in energy prices.
The global energy market remains highly sensitive to geopolitical shifts in the Middle East, a region critical for global oil supply. Fluctuations in Brent and WTI benchmarks often impact broader economic indicators, including transportation costs and inflation rates globally. As a significant oil and gas exporter, Azerbaijan closely monitors these price movements, as they directly influence the country's energy revenues and economic planning within the framework of the state budget.
