Oil prices have continued to rise, with Brent crude reaching $95 per barrel, after Azerbaijan announced it has begun “counter-terrorism” operations in the Nagorno-Karabakh region. The region, inhabited primarily by ethnic Armenians, is internationally recognized as part of Azerbaijan, although it is known to Armenians as Artsakh.
Tensions between Azerbaijan and Armenia have escalated in recent months, with Azerbaijan imposing a blockade on Nagorno-Karabakh. Last week marked the first time in three months that aid was delivered to the region via Azerbaijan’s Aghdam route. However, Azerbaijan still blocks the Lachin corridor, which connects Nagorno-Karabakh with Armenia.
Azerbaijan’s Defense Ministry has stated that “local anti-terrorist activities” have been launched to disarm and ensure the withdrawal of Armenian armed forces from its territories. The ministry also claimed that two civilians were killed when Armenia’s armed forces attacked a vehicle with a landmine. On the other hand, Armenia has accused Azerbaijan of spreading false information about the presence of Armenian military personnel in Nagorno-Karabakh.
Although tensions remain high in the region, both countries have stated that the situation on their borders is relatively stable. Azerbaijan is a major player in the global oil and gas industry and is part of the OPEC+ alliance, which currently restricts oil supplies to the market.
In addition to geopolitical factors, oil prices continue to rise due to other market dynamics. Brent crude oil surpassed $95 per barrel, while WTI crude oil rose 1.3%, reaching $92.50. Market analyst Craig Erlam pointed to the impressive rally in oil prices, stating that there could be further increases in the near future.
Source: Oilprice.com
