Abu dhabi: Global oil prices surged by around 7 percent on Wednesday, driven by developments in the Middle East that heightened concerns over tightening supplies. Brent crude futures rose by US$6.16, or 7.33 percent, to settle at US$90.25 a barrel. Meanwhile, US West Texas Intermediate crude gained US$5.40, or 6.81 percent, to reach US$84.65 a barrel.
According to Emirates News Agency, the escalation in geopolitical tensions in key oil-producing regions has contributed to the sharp increase in oil prices. Market analysts are closely monitoring the situation, as further instability in the Middle East could lead to additional disruptions in oil output. This surge in prices marks a significant shift in the energy market, influencing both global economies and consumer prices.
