Global oil prices are rising, with Brent crude rising five percent to $108.6 a barrel, trading data showed.
As of 1 p.m., Brent futures for May delivery were up five percent to $108.59 a barrel, while April WTI futures were up 1.94 percent to $97.39.
The rise in oil prices is a result of geopolitical tensions and war in the Middle East.
This is the highest level since July 2022, and in the past year the price has risen by almost 50 percent, reaching a value of over $119.
