Oil leaps 3pc on supply concerns as Iran conflict widens |
Oil leaps 3pc on supply concerns as Iran conflict widens
Oil prices surged more than 3 per cent on Thursday, extending a rally as the escalating US-Israeli war with Iran raised fears of prolonged disruptions to vital Middle East oil and gas supplies.
Brent crude advanced $2.65, or 3.26pc, to $83.99 per barrel by 05:20 (GMT), a fifth session of gains. US West Texas Intermediate crude rose $2.76, or 3.70pc, to $77.42.
Crude oil markets remained on edge as they face ongoing risks to supply following the attacks in the Middle East, and concerns are centred on the flow of supply through the Strait of Hormuz, ANZ analysts said in a note on Thursday.
Iran launched a wave of missiles at Israel early on Thursday, as the conflict entered its sixth day and just hours after moves to halt the US air assault were blocked in Washington.
On Wednesday, a US 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........