Oil prices surged more than two per cent today following news of monetary stimulus from top importer China and supply concerns amid escalating Middle East conflict.

In the global crude market, Brent crude was trading 2.1 per cent up at 75 dollars and 47 cents per barrel and the U.S. West Texas Intermediate (WTI) was 2.3 per cent up at 71 dollars and 99 cents per barrel when reports last came in.