Baku:Oil prices have surged on global commodity markets, reflecting significant increases in both Brent and West Texas Intermediate (WTI) crude oil futures.

According to Azeri-Press news agency, December futures for Brent crude oil rose by $1.27, or 1.11%, reaching $116.15 per barrel. Concurrently, December futures for US West Texas Intermediate (WTI) crude experienced an increase of $1.07, or 1.05%, climbing to $103.07 per barrel.

This rise in oil prices is attributed to ongoing geopolitical tensions in the Middle East, which have raised concerns about potential disruptions to energy supplies from the region.