The US-Israel-Iran war, which began on February 28, has significantly impacted the global oil market.
The events have increased geopolitical tension in the Middle East and led to a sharp rise in prices in the global energy market. On the London Stock Exchange, the price of “Brent” crude oil has exceeded the level of 73–80 US dollars per barrel. Analysts do not rule out that oil prices could rise to 100 US dollars.
The military escalation also creates an opportunity for Azerbaijan, an oil exporter, to earn additional foreign currency amidst rising prices. The price of 1 barrel of Azerbaijani oil, "Azeri Light" brand, has already increased by 6.85 US dollars this morning.
Economist Ilham Shaban told Modern.az that it is too early to calculate the profit generated by the current situation:
“Reports are provided quarterly and at the end of the year. The concept of daily profit in large and continuous oil exports is very dynamic and quite minor. It is not correct to consider this as a separate profit increase. Of course, theoretically, we can say that we produce 550 thousand barrels of oil per day. Let's multiply the price difference resulting from the increase by this figure, and say it is our additional profit. But as I mentioned, we will look at the final result".
The expert stated that no one knew the war would escalate to a Middle Eastern scale:
"A sudden regional war could end soon. The value of oil, currently at 80 dollars per barrel, could also fall below its previous stable price. It is necessary to await the course of events, especially the outcome”, he said.
