Global crude oil prices rose around 16 per cent this week. The surge was driven by an escalation in fighting between the US and Iran as both sides traded retaliatory strikes. During the week at the Intercontinental Exchange, Brent crude September futures surged 15.9 per cent to settle at 88 US dollars and 10 cents per barrel. West Texas Intermediate crude August futures jumped 15.5 per cent to end at 82 US dollars and 49 cents per barrel.