Summary Global oil prices surged sharply, with Brent crude rising to $108.79 per barrel and WTI crossing $102, while natural gas prices also recorded gains amid energy market concerns.
NEW YORK (Dunya News) – Global crude oil prices registered a sharp increase on Thursday, triggering renewed concerns across international energy markets over rising fuel and transportation costs.
According to the latest market data, the price of US West Texas Intermediate (WTI) crude oil climbed by $4, reaching $102.87 per barrel.
Meanwhile, the price of Brent crude, the international benchmark, also posted strong gains, rising by $3.78 to settle at $108.79 per barrel.
Energy analysts warned that the continued rise in crude oil prices could further increase fuel and transportation costs worldwide, adding pressure on inflation-hit economies.
In addition to oil, natural gas prices also moved higher, recording a 1.73 per cent increase to exceed $3.53.
Experts said persistent fluctuations in global energy prices could have wider implications for economic growth, industrial production and inflation across major economies.
The latest increase comes amid continued uncertainty in international markets and concerns over global energy supply and geopolitical tensions.
