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Oil rises toward $95 as war risks lift Middle East supply fears
Brent crude was up 4.6% to $95.16 a barrel, with prices up about 20% for the month amid escalating US and Iran conflict and related threats to Gulf shipping.
Oil prices climbed further as investors weighed heightened risks to Middle East supply. Brent crude, the international benchmark, rose 4.6% to $95.16 a barrel, reaching its highest level in six weeks, according to the Guardian Business live updates.
The report said oil has gained about 20% this month as Washington and Tehran have exchanged fire. It cited an 11th consecutive night of US strikes against Iran and a threat from Iran backed Houthi forces to impose a naval blockade on Saudi Arabian ports.
The Guardian Business also linked the latest jump in crude to US political messaging. It noted that Donald Trump played down the prospect of fresh talks with Iran and said he would escalate tensions further, while referencing potential action targeting a site described as containing an underground nuclear facility.
The outlet said Gulf allies may be growing frustrated with repeated US strikes, while there is no immediate solution to the standoff. It added that markets would likely prefer peace talks if tensions expand further.
Latest closeWTI crude $87.52 ▲3.1%|Brent $94.43 ▲3.8%