Oil hits $95 per barrel amid supply worries

London, Sep 19: Oil price is continuing its march towards $100 a barrel for the first time in almost a year, creating new inflationary headaches for central bankers, a media report said.

Brent crude, the international benchmark, pushed over $95 per barrel on Tuesday, the highest since November 2022, The Guardian reported.

Oil is being driven up by concerns of a supply deficit, following recent output cuts by Saudi Arabia and Russia.

Brent crude began 2022 below $80 per barrel, before soaring to around $130/barrel after Russia invaded Ukraine last February — fuelling the surge in inflation last year, The Guardian reported.