Global Oil Prices Continue to Rise Amid Middle East Tensions
LONDON:Global crude oil prices continued their upward trend amid escalating tensions in the Middle East, raising concerns over potential disruptions to energy supplies.
According to a report by a British news website, Murban crude oil prices in the international market reached $122 per barrel.
The report said Brent crude rose another 1 percent on Thursday to reach $108.68 per barrel.
Meanwhile, the price of US West Texas Intermediate (WTI) crude also climbed to its highest level since mid-May, closing at $103 per barrel after gaining 6.7 percent.
Concerns over disruptions to global energy supplies have intensified following reports that Yemen’s Houthi forces have taken control of the port city of Mocha and targeted additional vessels in the Strait of Hormuz.
Market analysts are closely monitoring developments in the region as further disruptions to shipping and oil supplies could place additional upward pressure on global crude prices.
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