Global crude oil prices have seen an increase, with Brent crude reaching $110 per barrel for the first time since May.
Experts attribute this price rise to the ongoing conflict in the Middle East and disruptions in fuel supply from Russia.
Indications of a more acute global oil shortage are emerging. This has prompted international traders to increase their crude oil purchases.
As a result, crude oil prices climbed by 3.7 percent in a single day.