Both major crude benchmarks track toward ending the month above 100 dollars

Global oil prices surged higher at the start of trading today. Investors worry deeply about potential supply shortages in the energy market. An escalation of conflict in the Middle East drove these immediate concerns. This geopolitical tension put oil prices on track for another monthly gain. It marks the fourth consecutive month of rising global oil costs. Market analysts note this is the largest monthly jump since July. Brent crude futures rose by 86 cents during early trading hours. This 0.75 percent increase pushed the price to 115.74 dollars a barrel. United States West Texas Intermediate crude futures also saw strong gains. WTI gained 72 cents, representing a 0.71 percent upward shift. The American benchmark now sits at 102.72 dollars per barrel.

Both major oil benchmarks show massive growth on a monthly basis. Brent crude remains on track to achieve gains of nearly 14 percent. Meanwhile, US crude looks to secure a massive 15 percent monthly increase. These rising costs will heavily impact global transportation and manufacturing sectors. Consumers may soon see higher fuel prices at their local stations. Notably, both crude benchmarks will end the month above the 100-dollar mark. The market has not seen these high sustained levels since April. Traders continue to monitor the Middle East for further supply chain disruptions.

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