Brent crude oil rises 3.87% intraday, surpassing $113 per barrel

Brent crude oil prices surged past the $113 per barrel mark, with an intraday increase of 3.87%. Recent geopolitical conflicts and expectations of tightened supply from major oil-producing countries are among the key factors driving up international oil prices. Elevated oil prices will also have varying degrees of impact on downstream industries such as global shipping, the chemical sector, and the cost of travel for residents.