Brent crude surpasses $114 per barrel for the first time since last May
Global Brent crude prices rose on Friday, surpassing the $114 per barrel level for the first time since last May 5, according to trading data.
Brent crude futures for December delivery increased by 0.94 percent compared to the previous closing price, reaching $114.23 per barrel.
The price increase comes amid concerns about global energy supplies, against the backdrop of geopolitical tensions in the Middle East and potential disruptions to oil flows through major maritime routes, adding pressure on global markets.
Oil prices are also influenced by global demand levels, inventory volumes, decisions by producing countries on production levels, as well as transportation and insurance costs associated with oil shipments.
Source: Almahriah Net + Open sources
