Crude oil prices continue to rise in the global market, Brent crude oil rose 1 percent to 108 dollars 68 cents a barrel after gaining 1 dollar 5 cents.

U.S. West Texas Intermediate (WTI) crude also rose 1 percent to $103.45 a barrel after gaining 95 cents.

Both key benchmarks are on track to end the week above $100 a barrel for the first time since mid-May this week, according to Reuters.

Increasing attacks on key shipping lanes in the Middle East have raised fears of disruptions to shipping activity in the region and prolonged disruptions in oil supplies, sending crude prices higher.

Both the benchmark prices rose by more than 6 percent on Thursday as well.