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Oil rises for third day as US considers more Middle East deployments
West Texas Intermediate is near $93 a barrel, after adding almost 3% in the prior session, while Brent is above $102.
Oil prices extended gains for a third straight day as the United States weighed deploying an additional aircraft carrier group to the Middle East, a move that could increase the risk of escalation with Iran, LiveMint Markets reported.
West Texas Intermediate traded around $93 a barrel after gaining almost 3% in the previous session, while Brent settled above $102 on Thursday.
The Pentagon may deploy another aircraft carrier and about 10,000 sailors and Marines to the Persian Gulf, according to a US official cited by LiveMint Markets, giving the administration additional options.
Traders have been balancing improving regional energy flows against escalation risk, with Brent up nearly 70% for the year as the conflict with Iran has stretched into an eighth month, and analysts warned the market could be prone to another price spike as inventories remain low.
Latest closeBrent $98.07 ▼4.4%