Brent rose US$ 3.35 (3.08%) to US$ 112.17 a barrel on Thursday, the highest level since May 18, while West Texas Intermediate (WTI) gained US$ 2.68 (2.76%) to US$ 99.83 a barrel, according to Reuters.

The Hindustan Times attributes the rise to Houthi attacks on Saudi Arabia, tensions in the Strait of Hormuz and disruptions to oil supply.