Global energy markets are currently experiencing heightened volatility due to a combination of geopolitical tensions, supply constraints, and shifting demand patterns. The price of Brent crude oil, which serves as a key international benchmark, has been particularly sensitive to developments in major producing regions.

The price of Azerbaijan's Azeri LT CIF oil rose by $2.99, or 2.46%, to reach $124.24 per barrel in the global market.

Soaring oil prices amid rising tensions in the Strait of Hormuz are starting to affect global financial markets, sparking worries about possible impacts on cryptocurrencies and other high-risk assets.

The price of Azeri Light crude oil jumped by $3.30, or 5.2%, reaching $66.75 per barrel on Friday.

Oil prices edged higher in Asian trading on Thursday after Saudi Arabia's state oil company sharply increased March prices.

On September 18, 2024, the price of Brent crude oil futures for November on the London ICE Futures exchange fell by 0.07%, to $73.65 per barrel. WTI crude oil futures for November on the electronic trading of the New York Mercantile Exchange (NYMEX) fell by 0.11%, to $69.88 per barrel, News.Az reports.

Crude oil markets are under increasing downward pressure, with a breakdown in prices pointing to further weakness ahead, News.Az reports.

On August 22, the price of Azerbaijani Azeri Light crude oil fell by $0.12 to $79.40 per barrel, based on CIF at the Italian port of Augusta, compared to the previous rate.