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Global oil prices climb above $108

VB Desk,  International

VB Desk, International

Global oil prices climbed further on Friday (September 11), with Brent crude breaking above $108 a barrel as unrest along key Middle Eastern shipping routes raised fresh concerns over prolonged disruptions to global fuel supplies.

Brent crude rose $1.05, or 1 per cent, to $108.68 a barrel, while US West Texas Intermediate (WTI) gained 95 cents, or about 1 per cent, to $103.45 a barrel, according to Reuters.

A series of attacks on major shipping routes in the Middle East has heightened fears that energy supplies could face sustained disruption, Reuters reported.

The latest gains mean both benchmarks are set to remain above $100 a barrel for the first time since mid-May.

Oil prices surged more than 6 per cent on Thursday as concerns over the security of regional shipping routes intensified.

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