Economy
Global Oil Prices Surge to $109 Amid Middle East Conflict
Al Jazeera2h
THE BRIEF
1
Brent crude futures spiked to $109.20 a barrel on Thursday, driven by concerns over supply disruptions following intensified attacks on Gulf shipping and naval blockades in the region.
2
US West Texas Intermediate crude rose 6.7 percent to $102.50, while the average price of a gallon of regular petrol in the United States has climbed to nearly $4.28.
3
Traders are now pricing in a near-70 percent probability that the Federal Reserve will raise the federal funds rate at its upcoming meeting next week to combat inflation.