Fuel prices surged worldwide this morning as Saudi Arabia announced increases in oil prices for nearly all regions amid diminishing prospects of a cease-fire in Gaza, according to Bloomberg media.

The price of Brent crude oil rose by 28 cents, or 0.3 percent, to $83.24 per barrel on Monday morning, while the price of US Texas Intermediate crude (WTI) increased by 29 cents, or 0.4 percent, to $78.40 per barrel.

Saudi Arabia, the world's largest oil exporter, raised the price of oil it sells to countries in Asia, Europe, and the Mediterranean region for June. This decision comes after oil prices fell by 7.3 percent last week as geopolitical tensions appeared to ease. However, Brent crude prices reversed that downward trend earlier this week.

The fluctuation in oil prices underscores the sensitivity of global energy markets to geopolitical developments, particularly in regions like the Middle East. As uncertainty persists regarding the situation in Gaza, fuel consumers around the world brace for potential impacts on their economies and energy costs.