Market concerns about the expansion of conflicts in the Middle East, coupled with the earlier announcement by Libya's eastern government that it would stop oil production and exports, have led to a surge in international crude oil prices on August 26.

West Texas Intermediate (WTI) crude for October delivery increased by US$2.59, reaching US$77.42/barrel on the New York Mercantile Exchange.

Brent crude for October delivery rose US$2.41, settling at US$81.43/barrel.