The World Bank has warned that record high oil prices will continue if the Israeli-Hamas war in the Middle East conflict is not resolved.
Oil prices could rise to $157 a barrel, similar to the Arab oil embargo of 1973.
Global oil benchmarks were monitored with Brent crude up 0.4% to $85.38 and US West Texas Intermediate (WTI) crude up 0.3% to $81.30.
Geopolitical risks remain and are seen offsetting some production levels from the US which saw crude oil inventories rise by around 1.3 million barrels last week, while fuel stocks fell by around 360,000 barrels based on American Petroleum Institute (API) data.
Last September, Europe recorded inflation at its lowest level in two years at 2.9% to 4.3%, according to Eurostat.
Now, the increase in the number of victims of Gaza residents due to the Israel-Hamas war is increasing by 8,304 victims.
US Secretary Antony Blinken also said that the US and other countries are looking at various possibilities that will happen in the Gaza peninsula if Hamas cannot be controlled.
