Muscat: Oil prices rose today as supply disruption fears persisted, amid escalating tensions in the Middle East and their impact on global oil flows. Brent crude futures climbed $1.24, or 1.18 percent, to $106.93 per barrel, while US West Texas Intermediate crude futures rose $1.29, or 1.24 percent, to $102.65 per barrel.
According to Oman News Agency, the surge in oil prices compounds inflationary pressures on global economies, with rising energy costs rippling through the prices of goods and services, reinforcing expectations of continued monetary tightening and interest rate hikes across a number of economies.
