Oil prices have risen sharply in world markets.
“Elchi” reports that the price of November futures for Brent crude oil increased by $2.68 or 2.56% to $107.29 per barrel.
The price of October futures for WTI crude oil increased by $2.63 or 2.63% to $102.68.
The rise in oil prices is influenced by renewed military tensions in the Middle East and concerns about potential disruptions to energy supplies from the region. Restrictions on shipments through the Strait of Hormuz keep risks to global oil supply high.