Oil prices rose by more than 5% at the close of trading on Thursday, March 5, continuing to gain for the fifth consecutive session as the risk of supply disruptions from the Arabian Gulf increased.
This comes amid the escalation of the U.S.-Israeli war with Iran, which has raised fears of prolonged disruptions to vital oil and gas supplies in the Middle East.
Iran launched a wave of missiles at Israel early Thursday morning, sending millions of residents to shelters as the conflict entered its sixth day, just hours after moves to stop U.S. attacks were blocked in Washington.
On Wednesday, a U.S. submarine sank an Iranian warship off the coast of Sri Lanka, killing at least 80 people, while NATO air defenses destroyed an Iranian ballistic missile launched toward Turkey.
Oil prices had ended trading on Wednesday, March 4, with gains for the fourth consecutive day due to supply disruptions in the Middle East caused by the U.S.-Israeli war on Iran.
