Brent crude rises to $118 per barrel – Updated

The price of Brent crude rose by around 2.5% to $118 per barrel amid concerns over global oil supplies following attacks on tankers and the possibility of renewed US strikes on Iran.

According to Al Jazeera, cited by Report, the price of US benchmark West Texas Intermediate (WTI) crude also climbed by around 2% to $104 per barrel.

Oil is on track to post gains for the fourth consecutive month. Brent has risen by nearly 11% since the beginning of October.

The World Bank warned this week that the ongoing war in the Middle East could push energy prices to a four-year high this year. The bank forecasts an increase of around one-third.

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Global oil prices are rising by 2.5% to $113 per barrel, Report informs citing trading data.

The price of January futures for Brent crude rose by 2.53% compared to the previous close to $113.6 per barrel, while December futures for WTI increased by 2.88% to $104.94.