Global Oil Prices Surge Amid Rising Middle East Tensions

RunWithRugs · 2026-03-10T22:41:23+00:00

Oil prices have surged due to escalating geopolitical tensions, with WTI rising 28.3% to $116.57 and Brent climbing 27.6% to $118.43 per barrel, impacting Azerbaijan's 2026 budget forecast of $65 per barrel.

RunWithRugs

2026-03-10 22:41:23

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(MENAFN- Trend News Agency) ** BAKU, Azerbaijan, March 9.** Oil prices have increased in global energy markets amid escalating geopolitical tensions, Trend 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.

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