Baghdad:Oil prices experienced a significant increase of nearly 4% at settlement on Wednesday.

According to National Iraqi News Agency, Brent crude futures rose by $3.83, marking a 3.86% increase, to close at $103.08 per barrel.

Meanwhile, US West Texas Intermediate (WTI) crude futures saw an increase of $1.64, or 1.81%, ending the session at $92.16 per barrel.