Middle East Tensions Push Global Crude Oil Prices Higher; Brent Crude Surges 3.55 Percent to Trade at $116.7 per Barrel
LONDON : The world markets have seen a further dramatic rise in crude oil prices, as the geopolitical situation and tension in the Middle East continue to rise.
Market reports quote the price of British benchmark Brent crude oil rising by 3.55 percent, bringing trading prices up to $116.7 per barrel. Meanwhile, the U.S. benchmark crude oil, West Texas Intermediate (WTI), also saw a wide-ranging surge, climbing 3.82 percent to $103.3 a barrel.
The rises in global crude oil prices and market trends for crude oil are summarized below:
International benchmark Brent crude made a strong recovery with gains of 3.55 percent to $116.7 per barrel.
U.S. WTI Crude Rises: West Texas Intermediate crude jumped to $103.3 per barrel as concerns about possible disruptions to global energy supply chains grew.
Primary Market Drivers: Broadly speaking, Middle East tensions and underlying concerns about future potential transportation and supply disruptions have driven international oil prices to generally rising levels.