Oil prices rose today amid growing concerns over a potential escalation of conflict in the Middle East, which could threaten crude supplies from this key exporting region.

Brent crude futures increased by 94 cents, or 1.27 per cent, reaching US$74.84 per barrel, while US West Texas Intermediate (WTI) crude futures gained 99 cents, or 1.41 per cent, settling at US$71.09 per barrel.

Earlier in the session, both benchmarks had surged by more than US$1 a barrel.

Meanwhile, US crude inventories saw an unexpected rise of 3.9 million barrels, reaching a total of 417 million barrels for the week ending 27 September 2024.