The price of Azerbaijan’s Azeri Light crude at Italy’s Augusta port, on a CIF basis, moved up by $4.3, or 3.36%, on March 31 from the previous level, coming in at $132.35 per barrel, a source in the oil market said.
Oil prices briefly fell below $100 a barrel and shares opened higher in Europe on Wednesday after U.S. President Donald Trump said the U.S. will leave Iran in "two to three weeks" regardless of whether a deal is struck with Tehran.
Russia will not supply oil to the countries that maintain a price ceiling, Deputy Foreign Minister Andrey Rudenko said. The energy markets …
Due to the conflict in the Middle East, Türkiye's energy import spending has increased by 60% in the past month, reaching $8 billion, according to media reports.
The demand for Russian oil is high globally and Russia may soon find it difficult to satisfy it, Kremlin Spokesman Dmitry Peskov said.
China has limited the amount by which the country’s fuel costs can rise, the government announces, as oil prices have surged due to the Middle East war.
Oil prices fell after Trump announced a temporary halt to US strikes on Iranian energy infrastructure, with Brent crude falling below $100 per barrel.
Azerbaijani Azeri Light crude oil prices have surpassed the $120 per barrel threshold. At the same time, global markets are indicating a significant increase in the prices of major energy commodities.
Iranian MP Somayeh Rafiei has proposed to impose a toll for the safe passage of ships through the Strait of Hormuz.
Brent oil futures with delivery in May 2026 climbed to as high as $117 a barrel on the London-based ICE today for the first time from March 9, according to trading data.
The International Energy Agency's member countries could release more oil into the market from strategic stockpiles "as and if needed" after they agreed the largest-ever reserves release last week to offset shortages and a spike in prices, IEA executive director Fatih Birol said.
The flow of Russian oil into global markets following the easing of US sanctions is helping stabilize them, Kremlin Spokesman Dmitry Peskov said.
Washington has temporarily lifted restrictions to the sale of Russian oil and petroleum products loaded onto tankers by March 12, with the sanctions relief set to last for a month.
Turkish authorities have decided to use their emergency oil reserves to slow the rapid rise in energy prices associated with the Strait of Hormuz' blockade.
Brent briefly jumped back above $100 a barrel after the Iran war led to more shipping turmoil in the Middle East and China tightened fuel export curbs.
The Middle East conflict has triggered the largest oil supply disruption in global history, the International Energy Agency (IEA) said on Thursday.
Leaders of G7 countries have agreed to keep in place sanctions against Russia despite problems with supplies of oil products and other goods over the conflict in the Middle East, French President Emmanuel Macron said.
U.S. President Donald Trump announced that Washington will lift oil sanctions on some countries and may even refrain from reinstating those.
U.S. President Donald Trump left open the prospect of acquiring Iranian oil.
The EU should immediately lift the ban on the use of Russian oil and gas in all EU countries to prevent a shortage of energy and a sharp increase in prices due to the Middle Eastern tensions, Hungarian Minister of Foreign Affairs and Trade Peter Szijjarto said following urgent meetings of the defense and energy security councils convened by Prime Minister Viktor Orban.
