Oil prices surged more than 3% on Thursday, extending a rally as the escalating U.S.-Israeli war with Iran raised fears of prolonged disruptions to vital Middle East oil and gas supplies.Brent LCOc1
Oil prices surged more than 3% on Thursday, extending a rally as the escalating U.S.-Israeli war with Iran raised fears of prolonged disruptions to vital Middle East oil and gas supplies.
Brent LCOc1 crude advanced $2.44, or 3%, to $83.84 per barrel by 0722 GMT, a fifth session of gains. U.S. West Texas Intermediate crude CLc1 rose $2.44, or 3.27%, to $77.10.
Crude oil markets remained on edge as they face ongoing risks to supply following the attacks in the Middle East, with concerns centred on trade flows through the Strait of Hormuz, ANZ analysts said in a note on Thursday.
Iran launched a wave of missiles at Israel early on Thursday, sending millions of residents into bomb shelters as the conflict entered its sixth day and just hours after moves to halt the U.S. attacks were blocked in Washington.
On Wednesday, a U.S. submarine sank an Iranian warship off Sri Lanka, killing at least 80 people, and NATO air defences destroyed an Iranian ballistic missile fired towards Turkey.
Iranian forces have struck oil tankers in or near the Strait of Hormuz. Explosions were reported near a tanker off Kuwait, according to the United Kingdom Maritime Trade Operations.
The escalation
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