Baghdad: Oil prices extended their gains in afternoon trading today, with Brent crude surpassing $101 a barrel for the first time since July 24. By 5:50 PM Baghdad time, November Brent crude futures had jumped 3.21% compared to the previous session’s close, reaching $101.13 a barrel.

According to National Iraqi News Agency, the surge in oil prices was mirrored by a similar rise in October West Texas Intermediate (WTI) crude futures, which also saw a 3.21% increase, reaching $96.26 a barrel. This marks a significant development in the global oil market, with both major crude benchmarks experiencing notable price hikes.