Kuwait city: Kuwaiti crude oil rose by $6.14 to $112.32 per barrel in Thursday's trading, up from $106.18 per barrel in the previous session, according to figures released by Kuwait Petroleum Corporation (KPC).
According to Qatar News Agency, in global markets, Brent crude futures climbed $4.02 to settle at $114.01 per barrel, while US West Texas Intermediate (WTI) futures rose $1.81 to $105.07 per barrel.
These increases in crude oil prices highlight notable shifts in the energy market, affecting both regional and global economic landscapes. The surge in prices could impact various sectors, including transportation and manufacturing, which rely heavily on oil.
The rise in Kuwaiti crude oil prices comes amid ongoing fluctuations in the global oil market, where geopolitical tensions and supply chain issues continue to influence trading dynamics. The increase in Brent and WTI futures further underscores the volatility currently characterizing the oil industry.
Market analysts are closely monitoring these developments to assess potential long-term impacts on oil prices and their implications for economies dependent on oil exports and imports.