Global Oil Prices Hit Three-Month Highs, Surging More Than 13% Amid Escalating Conflict and Supply Disruptions in Yemen
LONDON: Crude oil prices across the world have risen to their highest point in three months due to the rising military tension and increased security risks in the Middle East and in Yemen.
International energy markets saw a rapid run-up after increased instability related to regional flashpoints. The oil prices have seen a steep rise of more than 13 percent during the ongoing week as per cumulative trading data.
Benchmarks Cross Key Psychological Thresholds
The market shock has sent benchmark valuations over key price levels. The U.S. West Texas Intermediate (WTI) crude oil price rose to $100 per barrel, and international benchmark Brent crude rose to $104 per barrel.
The financial analysts believe the sharp surge is due to the growing geopolitical clouds over the Middle East and high levels of investor concerns about possible extended disruptions to key maritime energy transit lines and exports.