(VOVWORLD) - Global oil prices surged past the 100 USD per barrel mark on Monday, amid growing investor concerns over disruptions to global energy supplies caused by the Middle East conflict.
This is the first time oil prices have exceeded the 100 dollar threshold since February 2022, when the Russia-Ukraine conflict broke out.
Brent crude futures were up 27% at 117.65 USD per barrel at 0451 GMT - on track for the biggest-ever jump in a single day, while US West Texas Intermediate crude futures were up 28.3%, to 116.62 USD.
The sharp rise in oil prices comes as the fighting in the Middle East enters its second week, disrupting oil and gas production and transportation in the region. Experts warn that if oil prices remain above 100 USD per barrel for an extended period, the global economy will face tremendous pressure from higher energy costs.