Baku (Commerce Desk): Last week, during international developments related to Venezuela, US President Donald Trump’s strong statements and the announcement to purchase 50 million barrels of crude oil had little impact on the global market. However, the seizure of two oil tankers, Bella-1 and Olina, by the US Coast Guard caused a significant surge in global oil prices.
On the London Stock Exchange, Brent crude March futures reached $63.02 per barrel, marking the largest increase in recent weeks. Brent prices rose by 1.66%, while WTI crude reached approximately $58.28 per barrel. During the same period, Azerbaijani crude oil Azeri Light climbed to $66 per barrel.
US officials stated that these actions are part of efforts to enforce sanctions and prevent illegal oil transportation, which are affecting the supply-demand balance in the global market.
