Global crude oil prices surged to nearly 120 US dollar per barrel mark in early trade today, hitting levels not seen since 2022.
The jump in prices was largely due to supply cuts by some major producers.
Fears of prolonged shipping disruptions also weighed heavily on the market sentiment. Brent Crude was trading 10.5 per cent higher at 102 US dollars and 45 cents per barrel and WTI Crude was trading nearly 11 per cent up at 100 US dollars and 77 cents per barrel, when reports last came in.
The price for a barrel of Brent crude, the international standard, surged to as high $119.50 per barrel early in the day but later was trading above $101 per barrel, up 9%. West Texas Intermediate, the light, sweet crude oil produced in the United States, also soared above $119.48 per barrel before falling back closer to $100.