London: Oil prices have experienced a significant surge, with Brent crude oil and WTI crude oil seeing increases of over 4% in trading operations globally. During trading on the ICE London Intercontinental Exchange, the price for the August 2026 contract for Brent crude oil exports rose by 4.57%, reaching $97.34 per barrel. According to Azeri-Press News Agency, the New York Mercantile Exchange (NYMEX) also witnessed a notable increase in crude oil prices. The price of WTI crude oil for delivery in July 2026 climbed by 4.45%, reaching $94.57 per barrel. These changes reflect a significant movement in the oil markets, impacting global trading dynamics.