International oil prices soared overnight as escalating tensions in the Middle East raised fears of disruptions to crude oil supply. Brent crude and US crude futures both recorded significant gains, driven by concerns over the ongoing conflict impacting oil facilities and tanker routes in the Strait of Hormuz.
Brent crude for March delivery surged as much as 13% to hit US$82.37 per barrel, the highest level since January last year. It settled at US$77.74 per barrel, marking a US$4.87 increase or a nearly 6.7% rise.
Meanwhile, US West Texas Intermediate (WTI) crude for April delivery jumped over 12% to peak at US$75.33 per barrel, the highest since June last year. It closed at US$71.23 per barrel, up US$4.21 or approximately 6.3%.
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