Global (HRNW)- Crude oil prices have risen sharply once again in the international market, recording an almost 10 percent increase in a single day amid escalating tensions in the Middle East.
After the sudden surge, Brent crude oil crossed the $101 per barrel mark. In the global market, the price of Brent crude increased by $9.29 to $101.3 per barrel, while US West Texas Intermediate (WTI) crude rose by $9.02 to $96.27 per barrel.
Experts say that the growing geopolitical tensions in the Middle East have placed significant pressure on the global energy market. According to the International Energy Agency (IEA), rising tensions between the United States, Israel, and Iran have increased the risk of disruptions in oil supply, contributing to the price hike.
The International Energy Agency recently announced the release of 400 million barrels of oil from reserves to stabilize the market; however, despite this step, oil prices did not decline and market sentiment remained bullish.
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