Baghdad:Oil prices have surged in global markets, with Brent crude surpassing $117 a barrel, marking an increase of more than 2% during trading on Friday. Meanwhile, West Texas Intermediate (WTI) crude reached approximately $103.9.

According to National Iraqi News Agency, Brent crude is on track to record monthly gains of nearly 11% in October. This marks its fourth consecutive monthly increase, driven by concerns about disruptions to global oil supplies and ongoing tensions in the Strait of Hormuz region.