Oil prices on global markets have increased by more than 3%, APA-Economics reports.
On October 23, the price of December futures for Brent crude oil rose by $3.55, or 3.14%, to $116.72 per barrel.
December futures for US West Texas Intermediate (WTI) crude oil increased by $3.80, or 3.82%, to $103.27 per barrel.
The rise in oil prices occurred amid increasing geopolitical tensions in the Middle East and concerns about possible disruptions to energy supplies from the region.
Analysts note that the main reason for the increase in oil prices is the escalation of geopolitical tensions in the Middle East. Attacks on Saudi Arabia's energy facilities and concerns about the security of oil transportation in the region have increased supply risks in the global market, driving prices higher.
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