Brent and WTI crude jump above $115 as energy markets react to geopolitical risks

Global oil prices surged sharply on international energy markets amid rising geopolitical tensions in the Middle East and concerns over potential threats to critical energy infrastructure.

AzerNEWS reports that crude oil prices recorded significant gains during trading on the New York Mercantile Exchange. Futures for West Texas Intermediate crude oil for April delivery jumped by 28.3 percent, reaching $116.57 per barrel.

Meanwhile, futures for Brent Crude for May delivery also posted a sharp increase. As of 09:00 Baku time, Brent crude had risen by 27.6 percent to $118.43 per barrel.

Analysts attribute the dramatic price surge primarily to escalating military tensions in the Middle East, which have raised fears of possible disruptions to energy infrastructure and supply routes. The region remains one of the world’s most critical hubs for oil production and transportation, meaning even the perception of risk can quickly push prices higher on global markets.

The rapid rise in prices underscores how sensitive energy markets remain to geopolitical developments. Any threat to production facilities, refineries, or export terminals in the region could significantly tighten global supply, particularly at a time when energy demand remains strong across major economies.

For Azerbaijan, the spike in oil prices highlights the volatility of global energy markets. The country’s 2026 state budget was calculated based on an average oil price of $65 per barrel, significantly lower than current market levels.