Oil Shock: Brent Crude Breaks $110, WTI Tops $100 for First Time Since May
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Brent crude oil jumped above $110 a barrel on Wednesday, its highest level since May. U.S. West Texas Intermediate (WTI) also climbed past $100.
The surge marks a sharp reversal for oil prices, which had cooled in recent months. Traders pointed to tight global supplies and steady demand as the main drivers.
Brent is the international benchmark price for crude oil. WTI is the U.S. benchmark. Both are closely watched because oil prices affect fuel costs, shipping, and inflation worldwide.
It is unclear how long the rally will last. Analysts said further gains would depend on supply decisions from major producers and the strength of the global economy.