Global oil prices have experienced a sharp decline following reports of a two-week ceasefire agreement between the United States and Iran. According to Operative Information Center-OMM, Brent crude prices fell below $94 per barrel during recent trading sessions for the first time since late March.
As of 04:18 Baku time, June futures for Brent oil dropped by 10.9% compared to the previous close, reaching $93.70 per barrel. Reports from The New York Times indicate that WTI (West Texas Intermediate) crude also saw a significant decrease, falling by more than 9% to trade at $102 per barrel. The sudden market shift comes as US President Donald Trump's administration seeks to stabilize energy markets amid ongoing regional tensions.
Prior to this development, oil quotations had been on a rapid upward trajectory since the commencement of military operations by the US and Israel against Iran on February 28. During this period, prices surged from $65 to $100 per barrel. The price spike recorded in March represented the most significant jump since 1983, with the average wholesale price of Brent crude reaching $103 per barrel that month. The current de-escalation is expected to provide relief to global energy consumers and impact inflationary trends in major economies, including Azerbaijan, where oil exports play a vital role in the national economy.
