Oil prices surge amid Middle East tensions
Oil prices have increased in global energy markets amid escalating geopolitical tensions.
The price of April futures for West Texas Intermediate (WTI) crude oil on the New York Mercantile Exchange (NYMEX) rose by 28.3% to $116.57 per barrel.
Additionally, May futures for Brent crude oil climbed by 27.6%, reaching $118.43 per barrel, CE Report informs.
The overall price increase is mainly linked to rising military tensions in the Middle East and potential threats to energy infrastructure in the region.
