Oil prices rose on Thursday amid growing concerns over a prolonged closure of the Strait of Hormuz, as the conflict involving the United States, Israel, and Iran disrupts oil and gas flows from the Middle East, while supply remains limited as production facilities reduce their levels.
Brent crude pared gains that were approaching 4% at the start of Thursday’s trading in Asian markets, settling at an increase of $2.42, or 2.97%, to $83.82 per barrel by 08:33 GMT.
U.S. West Texas Intermediate (WTI) crude rose by $2.62, or 3.51%, to $77.28.
The scope of the conflict between the United States and Iran expanded on Wednesday after a U.S. attack targeted an Iranian warship off the coast of Sri Lanka.
