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Global oil prices have climbed to $118 a barrel amid attacks on oil tankers and growing fears of fresh US military strikes on Iran, raising concerns over global energy supplies.
According to Al Jazeera, Brent crude rose to $118 a barrel on Friday, up around 2.5 per cent from the previous day. Meanwhile, West Texas Intermediate (WTI), a key benchmark for US crude oil, climbed to around $104 a barrel, gaining approximately 2 per cent.
Global oil prices are now heading for a fourth consecutive monthly rise. Brent crude has gained around 11 per cent this month.
Earlier this week, the World Bank warned that if the war in the Middle East continues, energy prices could reach their highest levels in four years this year.
According to the World Bank’s forecast, overall energy prices could rise by around one-third this year, potentially putting fresh pressure on the global economy. Source: Al Jazeera.
