Global petroleum prices have risen owing to the tense situation in the Middle East, with a marked increase recorded in US and British crude oil rates.
The impact of escalating tensions in the Middle East has begun to affect the global market, where a steady rise in petroleum prices is being observed. US crude oil, West Texas Intermediate (WTI), has increased to $98.21 per barrel, while British crude, Brent, has also risen to $108.06 per barrel.
Reports said that WTI crude has recorded an increase of 2.5 per cent, while Brent crude has seen a rise of five per cent. Experts said that if tensions in the region persist, further increases in prices are expected.
