Global crude oil prices have surged to a five-month high amid escalating tensions between Iran and the United States.
Brent crude rose by around 2.8 percent, pushing its price above $116 a barrel, marking its highest level in five months. US West Texas Intermediate (WTI) crude also increased by 2.58 percent to $102.50 a barrel, crossing the $102 mark.
The surge in global oil prices followed a recent New York Times report claiming that the United States and Israel were preparing to attack Iran after the US midterm elections.
Global oil prices fall further in international markets
The report has fueled concerns over potential supply disruptions in the Middle East, a key oil-producing region, prompting investors to react to the geopolitical uncertainty.
