Global oil prices rose above $107 a barrel on Thursday amid growing concerns over supply disruptions following intensified fighting in the Middle East.
Brent crude, the global benchmark, settled at $107.63 a barrel, up 6.34%, reaching its highest level since May 19.
US West Texas Intermediate (WTI) crude rose 6.69% to $102.48 a barrel, also reaching its highest level since May.
The price surge followed the seizure of Yemen’s port city of Mocha by Iran-aligned Houthi rebels and intensified attacks on shipping in and around the strategic Bab el-Mandeb and Strait of Hormuz.
The developments have heightened fears of further disruptions to global oil supplies.
