Oil prices climb on mounting Middle East supply fears

US West Texas Intermediate (WTI) crude went up $1.15, or 1.26 percent, to $92.63 a barrel.

The gains came as risks of a prolonged conflict in the Middle East grew after Iran warned to retaliate against any new US attacks on its assets, heightening worries over supply disruption, Reuters reported.

Brent rose to its highest level since July 24 in the previous session as traders continued to build a risk premium into prices amid heightened tensions around the Strait of Hormuz, a key artery for global crude shipments.

MNA 



Source link

Leave a Reply

Your email address will not be published. Required fields are marked *