Crude oil prices have risen globally due to supply restrictions by Russia and the Organisation of the Petroleum Exporting Countries (OPEC) nations.

Accordingly, Brent crude now costs $77.37 per barrel, while West Texas crude is priced at $74.67.

OPEC cut production last December, and Russia also reduced daily output to 8.971 million barrels last month.

Experts predict crude oil prices may drop to $76 per barrel in 2025.