By Zoila Palma: Global oil prices climbed to their highest levels in 5 months today amid reports of attacks on oil infrastructure and shipping in the Middle East, raising concerns about supply shortages and further increases in fuel costs.
Brent crude futures, a benchmark for international oil prices, briefly surpassed US$111 per barrel before retreating to US$110.30, marking an increase of more than 55 percent since the war involving Iran began in late February, ABC reports.
Meanwhile, West Texas Intermediate (WTI), the benchmark for US oil prices, rose to US$105.75 per barrel, representing an increase of more than 60 percent since the conflict began.
The latest price surge followed reports of escalating threats to oil supplies and maritime transport routes in the region.
The United Kingdom Maritime Trade Operations Centre issued an advisory on Tuesday after receiving a report of an incident involving a tanker and military forces off the coast of Oman.
Iranian state-run media also reported that the Islamic Revolutionary Guard Corps claimed two oil tankers had struck naval mines south of the Strait of Hormuz. Separately, Yemen-based Houthi militants claimed responsibility for attacks on Saudi Arabia on Monday, including strikes targeting the Shaybah oil field and Saudi Aramco facilities in Yanbu.
The rising cost of crude oil has contributed to higher fuel prices for consumers, as suppliers pass increased costs along to refineries and ultimately to motorists.
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