Oil prices in the global energy market have continued to rise sharply, APA-Economics reports.
The price of April futures for WTI crude oil increased by 27.26% to $115.68 per barrel on the New York Mercantile Exchange (NYMEX).
The price of May futures for Brent crude rose by 28% to $118.73 per barrel as of 08:20 Baku time, but later slightly declined and is currently trading at $116.35 per barrel.
It should be noted that this marks the largest increase in global oil prices since 2020. The price surge is mainly linked to growing military tensions in the Middle East and concerns over potential threats to energy infrastructure.