The price of oil in the global energy market continued to rise sharply.
“Elchi” reports that on the New York Mercantile Exchange (NYMEX), the price of April futures for WTI crude oil increased by 27.26% to 115.68 US dollars.
The price of May futures for Brent crude oil, however, rose by 28% to 118.73 dollars at 08:20 Baku time, but then slightly retreated and is currently trading at 116.35 US dollars/barrel.
It should be noted that this is the largest increase in oil prices in the world market since 2020. The price increase is mainly attributed to growing military tensions in the Middle East and concerns about possible threats to energy infrastructure.