Global energy markets saw a sharp rise in oil prices, with Brent crude futures climbing by 5.7 percent to reach 114.2 dollars per barrel on Friday, March 27, according to Anadolu Agency. West Texas Intermediate (WTI) futures also rose by 6.18 percent, surpassing 100 dollars per barrel. Since late February, Brent prices have increased by about 45 percent, while WTI prices have grown by roughly 40 percent.

The report added that amid the ongoing conflict in the Middle East, Russia has decided to halt petrol exports starting April 1. Russian Deputy Prime Minister Alexander Novak instructed the energy ministry to prepare a draft decision, with the restriction expected to remain in effect until July 31. Novak stated that the Middle East crisis has caused significant volatility in global energy markets, leading to fluctuating oil prices.

He further noted that while international demand for Russian energy remains high, maintaining domestic supply is now the government’s main priority.