Oil prices are heading for a record monthly rise, bringing a spike in inflation and the risk of recession to much of the globe, according to a data monitor. AlJazeera reported.
Brent crude rose 2.98 percent to $115.93 a barrel as of 00:00 GMT on Monday, bringing its gains to more than 62 percent compared to February 27, according to oilprice.com, topping the jump that followed Iraq’s invasion of Kuwait in 1990.
Meanwhile, US WTI crude climbed 3.01 percent to $102.64, gaining 65.29 percent since February 27.
