Crude oil prices jumped to six week high on Thursday, with Brent rising above the $96-a-barrel mark and US benchmark WTI climbing past $88, as the Middle East conflict showed no signs of easing.
Brent crude gained $1.93, or 2.05%, to trade at $96 a barrel, while West Texas Intermediate (WTI) advanced $1.41, or 1.62%, to $88.24.The gains came after oil prices had surged more than 3% in the previous session, pushing Brent to its highest level since June 8.
Fresh attacks on oil tankers in the Red Sea further fuelled concerns over global energy supplies.Investor focus remained on the escalating conflict after the US military carried out a twelfth straight night of strikes on Iran.
The attacks came hours after US President Donald Trump said the United States would destroy an Iranian bridge or power plant every time Iran targeted a ship in the Strait of Hormuz, signalling a further escalation in the conflict.Iran's Revolutionary Guards said an oil tanker caught fire following an explosion while attempting to pass through what they described as a mined route south of the....
