Oil prices rose sharply on Thursday as Iran stepped up attacks on oil and transport facilities across the Middle East, fuelling concerns of a prolonged conflict…
Oil prices rose sharply on Thursday as Iran stepped up attacks on oil and transport facilities across the Middle East, fuelling concerns of a prolonged conflict and potential disruptions to oil flows through the Strait of Hormuz.
Brent futures LCOc1 climbed $5.95, or 6.47%, to $97.93 a barrel at 0915 GMT, having hit $100 per barrel in earlier trading, while U.S. West Texas Intermediate crude CLc1 was up $5.25, or 6%, to $92.50.
Brent hit $119.50 a barrel on Monday, its highest since mid-2022, then dropped after U.S. President Donald Trump said the Iran war could be over soon.
The war in the Middle East is causing the biggest oil-supply disruption in the history of global markets, the International Energy Agency said on Thursday, a day after approving the release of a record volume of 400 million barrels of oil from strategic stockpiles.
Middle East Gulf countries have cut total oil production by at least 10 million barrels per day - a volume equalling almost 10% of world demand - as a result of the conflict, the agency said in its latest monthly oil market report.
The market pricing is taking the IEA release with a pinch of salt, as its
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