Dubai: (RightNow) Rising tensions between the US and Iran in the Middle East are causing a rapid increase in global oil prices. Brent crude has surged by $2.77, reaching $90.87 per barrel.

The recent hike in oil prices is the highest since June 11. Brent crude prices recorded a 15.9% increase last week, marking the largest weekly rise since April.

The price of US West Texas Intermediate crude also increased by $2.35, reaching $84.84 per barrel, the highest since June 12.

US retail gasoline prices have also risen, with the price per gallon exceeding $4, marking an increase of over 30% since the US-Iran conflict.

It is important to note that there is no sign of easing tensions between Iran and the US. Ongoing attacks between the two nations are further destabilizing the region.