Oil prices continue to surge in global market

Oil prices continued their upward trend in the global market amid concerns over supplies from the Middle East and increased attacks on ships in the Gulf and the Strait of Hormuz, Reuters reported.

At 1:16am GMT on Thursday (October 8), Brent crude futures rose $1.33, or 1.33 per cent, to $101.53 per barrel.

Meanwhile, US West Texas Intermediate (WTI) crude futures rose $1.11, or 1.26 per cent, to $89.39 per barrel.

The rise in oil prices came amid persistent concerns over disruptions to supplies from the Middle East, a key oil-producing region.

The situation has mainly been driven by an increase in attacks on commercial vessels in the Gulf and the Strait of Hormuz.

-EM/AJM