Abu dhabi: Oil prices rose by more than US$3 at the open on Monday amid growing concerns over supplies. Brent crude futures rose $3.62, or 3.46 percent, to $108.23 per barrel, while US West Texas Intermediate (WTI) crude futures gained $3.15, or 3.15 percent, to $103.20 per barrel.
According to Emirates News Agency, the increase in oil prices is linked to intensified supply concerns affecting the global market. The upward trend in prices highlights the ongoing volatility and uncertainty within the energy sector, impacting both consumer prices and broader economic conditions.