Baku:Oil prices on global markets have surged by over 3%, with significant increases reported in both Brent and West Texas Intermediate (WTI) crude oil futures.

According to Azeri-Press news agency, the price of December futures for Brent crude oil rose by $3.55, or 3.14%, reaching $116.72 per barrel. Similarly, the December futures for US West Texas Intermediate (WTI) crude oil saw an increase of $3.80, or 3.82%, climbing to $103.27 per barrel.

The rise in oil prices has been attributed to escalating geopolitical tensions in the Middle East, which have raised concerns about potential disruptions to energy supplies from the region. Analysts highlight that recent attacks on Saudi Arabia's energy facilities and security concerns surrounding oil transportation have contributed to increased supply risks, thereby driving the prices higher.