Baku: Oil prices in global markets rose by more than $1, 'APA-Economics' reports. The price of July futures for Brent crude oil on the ICE exchange increased by 1.23% or $1.23 to $101.29 per barrel. Meanwhile, June futures for WTI crude oil on the NYMEX exchange rose by 0.64% or $0.61 to $95.42 per barrel.

According to Azeri-Press News Agency, Analysts indicate that the rise in oil prices was driven by US President Donald Trump's tough statements regarding Iran. These developments have heightened geopolitical tensions in the Middle East. Additionally, there are growing concerns over potential supply risks in the Strait of Hormuz, a critical chokepoint for global oil transportation.

The increase in oil prices reflects the market's sensitivity to geopolitical situations, especially in regions vital for oil production and transport. The Strait of Hormuz, through which a significant portion of the world's oil supply is transported, remains a focal point of concern. As tensions escalate, the risk of disruptions to oil flow increases, which in turn impacts global oil prices.

Investors and stakeholders in the oil market are closely monitoring the situation. The geopolitical dynamics and potential disruptions in oil supply are expected to continue influencing oil prices in the near term. As the situation unfolds, market participants are likely to remain vigilant for any developments that could further impact supply and pricing in the global oil markets.