BAKU, Azerbaijan, March 9. Oil prices have increased in global energy markets amid escalating geopolitical tensions, TurkicWorld reports.
The price of April futures for West Texas Intermediate (WTI) crude oil on the New York Mercantile Exchange (NYMEX) rose by 28.3% to $116.57 per barrel.
Additionally, May futures for Brent crude oil climbed by 27.6%, reaching $118.43 per barrel as of 09:00 Baku time.
The overall price increase is mainly linked to rising military tensions in the Middle East and potential threats to energy infrastructure in the region.
Notably, Azerbaijan’s state budget for 2026 assumes an average oil price of $65 per barrel.
