NEW YORK: Brent crude futures settled over $3 a barrel higher on Thursday as new attacks on tankers fed worries about oil supplies while investors reassessed the outlook for the US-Israeli war with Iran.
Brent finished up $3.67, or 3.88 per cent at $98.29 a barrel. US West Texas Intermediate crude closed $2.40, or 2.72pc higher at $90.52 a barrel.
This marked a reversal from Wednesday, when both benchmarks tumbledmore than 8pc to their lowest settlement levels since Aug 31.
‘Today’s rebound reflects caution about pricing in a rapid normalisation of oil flows before diplomatic progress translates into dependable shipping and deliveries,’ Gelber and Associates wrote in a note.
Andy Lipow, president of Lipow Oil Associates, said reports of tankers striking mines in the Middle East continue to worry the oil market.-Reuters