Global oil prices continued to rise on Thursday as growing concerns over energy supplies from the Middle East and an increase in attacks on commercial vessels in the Gulf and the Strait of Hormuz heightened market uncertainty.
Brent crude futures rose by $1.33, or 1.33 percent, to $101.53 a barrel at 1:16 a.m. GMT on Thursday, according to market data cited by Al Jazeera.
US West Texas Intermediate (WTI) crude also gained $1.11, or 1.26 percent, to trade at $89.39 a barrel.
The latest price gains came amid mounting fears that attacks on commercial shipping in the Persian Gulf and the Strait of Hormuz could disrupt oil supplies from one of the world’s most important energy-producing regions.
The Strait of Hormuz is a critical global oil transit route, and any prolonged disruption there could place further pressure on international energy markets.
The renewed supply concerns have pushed crude prices higher as traders assess the potential impact of escalating security risks on oil shipments from the Middle East.
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