Crude Oil Prices Hit 5-Month High in Global Markets Amid Escalating US-Iran Tensions; Brent Crude Surges Past $116 per Barrel
NEW YORK : Global crude oil prices have hit a five-month peak due to a surge in geopolitical tensions and direct U.S.-Iran confrontation.
The price of Brent crude oil rose almost 2.8 percent, pushing prices past $116 per barrel and back to a five-month high, according to market details. Meanwhile, U.S. benchmark crude oil prices also picked up a 2.58 percent increase to exceed $102 per barrel to $102.50.
The price of global crude oil surged and what was driving the market.Key highlights of the surge in crude oil prices globally and what was driving the market.
International benchmark Brent crude rose over $116 per barrel after a sudden 3 percent surge in the previous trading sessions.
US crude gains: West Texas Intermediate (WTI) / US crude climbed to $102.50 a barrel as concerns about potential energy supply problems in the Middle East increase.
Reasons for the recent oil price spike: The sudden rise in oil prices to global levels is attributed to a recent report in New York Times which raised the possibility of potential military action by the United States and Israel against Iran after the US mid-term elections.