Amidst escalating military tensions in the Middle East, crude oil prices in the global market continue to rise rapidly.
Consequently, as of this morning (11), the price of a barrel of Brent crude—the primary type of crude oil on the global market—has surpassed the US$108 mark.
The price of a barrel of Brent crude crossed the US$100 threshold on the 9th of this month (following July 24), and prices have continued to climb steadily since then.
In tandem with the rise in Brent crude prices, the price of a barrel of US West Texas Intermediate (WTI) crude has also risen to US$103.34.
Additionally, the price of a barrel of Murban crude has been recorded at US$122.48.