Global oil prices recorded a sharp increase on Thursday, with Brent crude briefly rising above $108 per barrel for the first time since May.
U.S. West Texas Intermediate (WTI) also climbed past $102 per barrel, reaching its highest level since mid-May. Brent crude ended the session at $107.63 per barrel, marking a 6.3% increase. WTI settled at $102.48, gaining 6.7% during the session.
Both major oil benchmarks have now gained more than 75% since the beginning of the year, with ongoing geopolitical tensions in the Persian Gulf contributing to the upward pressure on crude prices.
The rise in international oil prices is also being reflected in fuel markets. The average price of gasoline in the United States has increased to $4.27 per gallon, while diesel has reached $5.98 per gallon.
The latest surge has added to concerns over rising energy costs, as higher crude prices can increase the cost of transportation, fuel and other goods.
The continued strength in oil prices is being closely watched by governments, businesses and consumers, particularly as geopolitical developments in the region continue to influence global energy markets.
Further increases in crude prices could place additional pressure on fuel costs in countries that rely heavily on imported petroleum products.
