Brent oil tops $117, highest level since June 2022

As of 8:12 a.m. Baku time (GMT+4), Brent crude had risen by 23.21 percent to reach $115.33 per barrel.

By 8:16 a.m., the rally accelerated further, with prices exceeding $117 per barrel for the first time since June 17, 2022, climbing to $117.16, marking a 26.4 percent increase.

The upward trend continued shortly afterward. At 8:20 a.m., Brent crude was trading at $118.73 per barrel, representing a gain of 28.09 percent.

As of 8:25 a.m. Baku time, the price eased slightly but remained elevated at $116.36 per barrel, still up 25.54 percent.