Oil prices extend gains as U.S. and Iran trade fresh strikes
Oil prices rose in early trade, extending the previous session’s surge, as concerns over supply disruption intensified after the U.S. and Iran exchanged strikes overnight, dimming hopes for a quick easing of tensions in the West Asia.
Brent crude futures rose 75 cents, or 0.8%, to $95.40 a barrel by 0345 GMT, while U.S. West Texas Intermediate crude futures climbed 44 cents, or 0.5%, to $90.66.
“Developments in recent days brought risks to regional oil supplies back into focus…We’ve seen oil flow through the Strait of Hormuz despite the stalemate between the US and Iran, but rising tensions clearly put crossings at risk,” said ING analysts in a client note.
-Reuters
