Global Oil Prices Rise Amid Supply Concerns

Oil prices rose in early trading on Friday due to growing concerns over supply shortages. Prices are set to record gains for the fourth consecutive month, marking the largest monthly increase since July. Brent crude futures climbed by $1.83, or 1.59%, reaching $116.71 per barrel. Meanwhile, U.S. West Texas Intermediate crude futures increased by $1.41, or 1.38%, to $103.41. On a monthly basis, Brent crude is poised to gain nearly 15%, while U.S. crude approaches a 16% rise, closing the month above $100 for the first time since April.