Global crude oil prices surged today, with Brent crude remaining above 100 US dollar a barrel. Traders braced for deeper supply disruptions after Iran and the United States launched their largest attacks on shipping since the conflict began.
Brent crude was trading 2.7 per cent up at 103 US dollars and 95 cents per barrel in intra-day trade at a time of writing this report. West Texas Intermediate crude was trading 3.2 per cent higher at 99 US dollars and 10 cents per barrel.
Meanwhile, US President Donald Trump yesterday predicted that the war with Iran would end immediately after the US midterm elections in November, adding that oil prices would fall sharply once the elections are over.
