Abu dhabi: Oil prices rose by around 3 percent at settlement. Brent crude futures increased by US$3.1, or 3 percent, to settle at $98.48 per barrel, while US West Texas Intermediate crude rose by $2.52, or 2.8 percent, to settle at $92.13.

According to Emirates News Agency, the increase in oil prices marks a significant shift in the energy markets, reflecting a surge in demand and potentially impacting global economic dynamics. The rise in prices is observed at a time when oil producers and traders are closely monitoring geopolitical developments and supply chain disruptions.