Baghdad: Oil prices surged sharply on Thursday, driven by ongoing regional tensions and the Strait of Hormuz crisis: Oil prices surged sharply on Thursday, driven by ongoing regional tensions and the Strait of Hormuz crisis.

According to Iraqi News Agency, Brent crude jumped to $107.11 per barrel, up nearly 6 percent from a previous close of $101.21. US crude also rose by more than 5 percent, reaching $101.66 per barrel, compared to a previous close of $96.05.

This rise in crude prices comes amidst persistent regional tensions and the Strait of Hormuz crisis, which have sparked concerns regarding oil supplies and shipping traffic.