New York: (RightNow) Global oil prices have seen a significant rise. Brent crude oil price has surpassed $103 per barrel.

Brent crude oil price increased by $1.14, now standing at $103.73 per barrel. The price of U.S. crude oil WTI rose by 34 cents, now at $89.72 per barrel.

Experts state the price hike is due to U.S. President Donald Trump’s denial of easing sanctions on Iran. This denial has led to an increase in oil prices.

Brent crude oil price is expected to rise by approximately 14% this month, marking the highest monthly increase since July. Meanwhile, WTI prices are expected to increase by 4%.

It is important to note that rising oil prices impact the global economy, affecting various countries’ economies.