Oil Prices Surpass $101 per Barrel in Global Market

Crude oil prices have continued to rise in the international market. On Thursday, the price of Brent crude surpassed $101 per barrel amid growing concerns over oil supplies from the Middle East, a key oil-producing region.

According to a report by Al Jazeera, at 7:16 a.m. Bangladesh time on Thursday, the price of Brent crude rose by $1.33, or 1.33 percent, to $101.53 per barrel.

Meanwhile, the price of U.S. West Texas Intermediate (WTI) crude increased by $1.11, or 1.26 percent, to $89.39 per barrel.

Growing attacks on vessels in the Gulf region and around the Strait of Hormuz have raised concerns over oil supplies in the global market. The Strait of Hormuz is one of the world’s most important energy shipping routes, carrying a significant volume of the world’s crude oil. Any deterioration in security in the area could therefore disrupt global oil supplies.

These supply concerns are putting upward pressure on oil prices in the international market.