International crude oil prices have surged above $109 per barrel following a sharp increase, with prices rising by more than 5% over the past week.
According to foreign media reports, Brent crude prices climbed 3.72% to close at $109.86 per barrel. Meanwhile, US West Texas Intermediate (WTI) crude rose 3.51% to reach $101.41 per barrel.
The increase comes amid concerns over tightening global oil supplies and rising fuel demand in the shipping industry.
Higher transportation costs have also contributed to the surge, with freight rates, insurance premiums and additional charges for transporting oil through the strategically important Strait of Hormuz rising significantly.
These higher costs have increased expenses for oil tankers operating across international shipping routes, adding further pressure to global crude oil prices.
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