Escalating Middle East Conflicts Push Global Oil Prices Higher

Global crude oil prices today surged amid escalating geopolitical tensions in the Middle East, pushing benchmarks higher for a fifth straight week.
Brent crude was trading over 2.8 per cent up at 106 US dollars and 77 cents per barrel, while West Texas Intermediate crude was trading 2.2 per cent higher, climbing over at 98 US dollars and 32 cents per barrel, when reports last came in.