Brent crude tops $104: prices rise again after a week

December futures for Brent crude on London's ICE exchange have risen above $104 per barrel for the first time since September 29. November WTI contracts are also rising.

According to trading data, the price of Brent crude futures for December 2026 rose sharply on the morning of October 8. As of 10:06 Moscow time, the price had risen 3.83% to $104.04 per barrel. Five minutes later, at 10:11, it had climbed to $104.07 (+3.86%).

This is Brent's highest level since September 29. Since that date, the price had remained below the $104 mark.

WTI is also rising

The price increase is not limited to Brent. November futures for the US WTI crude rose 3.55% to $91.41 per barrel. Both major benchmark crudes are therefore showing the same trend.

Significance for Azerbaijan

Brent prices are particularly important for Azerbaijan's economy. The price of Azeri Light, Azerbaijan's main export crude, is determined on the basis of the Brent benchmark. As a result, every price increase on the world market has a positive effect on the country's export revenues, the state budget and the foreign currency reserves of the State Oil Fund.

Note that oil prices can fluctuate sharply during the day, and the figures above reflect morning trading data.