Global oil prices drop after recent sharp increase

Oil prices decreased at the beginning of trading on August 13 following a recent sharp increase.

October Brent crude futures on the London ICE Futures exchange decreased by $0.48 (0.58 per cent), settling at $81.82 per barrel, Caliber.Az reports citing the trading data.

September WTI crude futures on the New York Mercantile Exchange (NYMEX) dropped by $0.39 (0.49 per cent), reaching $79.67 per barrel.

Brent crude prices hit their highest level since July 25, while WTI reached its highest since July 19. This surge was driven by concerns over a potential Iranian attack on Israeli territory in response to the assassination of Hamas' political bureau chief Ismail Haniyeh in Tehran.

Azerbaijani Azeri Light crude oil (CIF) has risen in price on global markets. The price of Azerbaijani crude increased by $1.28 per barrel, or 1.53 per cent, reaching $84.66.