OIL prices, already at their highest in more than a year, continue to climb as the world watches the commodity inch closer towards the psychologically key US$100 per barrel threshold.

Since June, the global benchmark Brent crude futures price has rallied some 30 per cent to over US$94 per barrel from the low of around US$72 per barrel. Last Wednesday (Sep 27), it reached a new 2023 high, going past US$97 a barrel during the session before eventually closing at US$96.55.

The surge in oil prices is largely attributed to the supply cut by the Organization of the Petroleum Exporting Countries (Opec) and its allies including Russia, commonly referred to as the Opec+ alliance.