Oil prices up 5pc on supply fears |
Oil prices up 5pc on supply fears
NEW YORK: Oil prices rose 5 per cent on Thursday, rebounding from the previous session’s losses, on worries that a prolonged Middle East conflict could continue to disrupt supplies.
Brent futures were up $5.26, or 5.2pc, to $107.48 a barrel at 10:57am EDT (1457 GMT), close to the session high of $107.84. US West Texas Intermediate crude futures gained $3.53, or 4pc, to $93.85 a barrel, after rising to as high as $94.84.
Both benchmarks slumped more than 2pc on Wednesday. Iran is reviewing a US proposal to end the war, but has no intention of holding talks to end the conflict, Iran’s foreign minister said on Wednesday.
US President Donald Trump warned Iran on Thursday to “get serious” about a deal to end nearly four weeks of fighting, a day after White House press secretary Karoline Leavitt said the US will hit Iran harder if Tehran fails to accept that the country has been “defeated militarily”.
“There’s purely confusion and frustration over the veracity of stories coming out of the United States and Iran. Investors are once again rotating into safer assets in an effort to........