SINGAPORE: Global oil prices rose sharply on Thursday as escalating tensions in the Middle East heightened concerns over potential disruptions to global oil supplies. Brent crude climbed above $110 per barrel, while US crude prices also recorded significant gains.
Brent crude futures increased by $1.93, or 1.77%, to reach $110.75 per barrel, reflecting growing concerns about the stability of oil supplies from the region.
Meanwhile, US West Texas Intermediate (WTI) crude futures rose by $1.43, or 1.47%, to $98.58 per barrel.
The increase in oil prices comes amid mounting geopolitical tensions in the Middle East and fears that further escalation could disrupt the flow of crude oil to international markets.
In the previous trading session on Wednesday, Brent crude prices remained largely unchanged, while WTI crude fell by 67 cents.
However, both major oil benchmarks moved higher on Thursday as concerns over supply disruptions supported prices in the global energy market.
