Brent crude briefly climbed to $114 a barrel. Around five months ago, in mid-May, the benchmark had risen above $114 and reached $112 a few days later. It had not returned to these price levels since then.
The latest surge in oil prices comes as economic analysts warn that prices above $110 a barrel could intensify pressure on the U.S. economy. U.S. crude oil prices have also climbed above $100 a barrel, raising concerns about higher energy costs and mounting inflationary pressures.
MNA