Baku: Oil prices have risen sharply on global markets. The price of November futures for Brent crude increased by $2.68, or 2.56%, to $107.29 per barrel. Meanwhile, October futures for WTI crude rose by $2.63, or 2.63%, reaching $102.68 per barrel.

According to Azeri-Press News Agency, the rise in oil prices comes amid renewed military tensions in the Middle East and concerns over possible disruptions to energy supplies from the region. Restrictions on shipments through the Strait of Hormuz continue to keep risks to global oil supplies elevated.