Sri Lanka, Sept. 11 -- The price of oil surged again Thursday, with Brent crude briefly surpassing $108 per barrel for the first time since May and U.S. crude oil jumping above $102 per barrel, also its highest level since mid-May.

Brent ended the trading session at $107.63 after having soared 6.3% in a day. U.S. West Texas Intermediate (WTI) crude closed at $102.48 per barrel, up 6.7% for the day. WTI's closing level was also the highest since May.

Since the start of the year, the prices of both Brent and WTI have risen by more than 75%.

"The move reflects a market still pricing in persistent geopolitical risk, with Persian Gulf tensions showing no credible path to de-escalation," analysts at ING said Thursday.

As a result of those r...