Global oil prices climb to highest level since June

International crude oil prices climbed further on Thursday (July 23) as escalating tensions between Iran and the United States intensified concerns over potential disruptions to global energy supplies, pushing benchmark prices to their highest levels in weeks.

According to a report by Al Jazeera, the price of Brent crude, the international benchmark, rose $1.93, or 2 per cent, to $96 per barrel, marking its highest level since June 8.

Meanwhile, West Texas Intermediate (WTI), the US benchmark, gained $1.44, or 1.7 per cent, to trade at $88.27 per barrel.

The latest surge comes after renewed US military strikes on Iran and fresh attacks by Yemen's Houthi rebels targeting oil tankers in the Red Sea, further heightening geopolitical risks across the Middle East.

Market analysts said growing concerns over regional instability and the security of key oil shipping routes have continued to fuel upward pressure on crude prices.

In the previous trading session, Brent crude had already climbed more than $3 to settle at $94.07 per barrel, while WTI also posted a gain of nearly 3 per cent, reflecting heightened investor concerns over potential supply disruptions.