New York: (RightNow) Oil prices have surged in the global market due to escalating tensions in the Middle East and attacks on oil tankers in the Strait of Hormuz. Brent crude has reached $117.45 per barrel.

According to international news agencies, Brent crude rose by 3.8% to $117.45 before closing at $116.72. This marks the highest level since April, with oil prices increasing by over 10% in October.

Iranian state TV claims that 7 oil tankers in the Strait of Hormuz were affected by attacks or mines. The Revolutionary Guard Navy reports that 2 supertankers have been disabled.

Houthi rebels have attacked Saudi Arabia’s Aramco facilities at the Shaybah field and Dhahran headquarters, prompting Aramco to evacuate staff. U.S. President Trump has hinted at further action against Iran.

Experts warn that if oil installations suffer more damage, petrol prices could reach $150 per barrel. War risk insurance has increased, adding $7 per barrel in costs.