Global Oil Prices Jump as Brent Crude Crosses $110

SINGAPORE: Global oil prices rose sharply on Thursday as rising tensions in the Middle East increased concerns about possible disruptions to global oil supplies. Brent crude prices crossed $110 per barrel, while US crude prices also recorded significant gains.

Brent crude futures rose by $1.93, or 1.77%, to $110.75 per barrel.

Meanwhile, US West Texas Intermediate (WTI) crude futures increased by $1.43, or 1.47%, to $98.58 per barrel.

Oil prices increased amid growing tensions in the Middle East and fears that further escalation could disrupt crude oil supplies to international markets.

In the previous trading session on Wednesday, Brent crude prices remained mostly unchanged, while WTI crude fell by 67 cents.

However, both major oil benchmarks rose on Thursday as concerns about possible supply disruptions supported prices in the global energy market.