Oil hits six-week high as US-Iran tensions escalate
Oil prices surged over 1.5% to a six-week high after new US strikes on Iran and Houthi attacks on tankers in the Red Sea.
Key Takeaways
AIOil prices climbed more than 1.5% on Thursday, reaching their highest level in over six weeks, as the United States launched a new round of strikes on Iran and Yemen's Houthis targeted two oil tankers in the Red Sea.
As of 00:11 GMT, Brent crude futures rose $1.93, or 2%, to $96 a barrel, marking their highest since June 8. Brent had gained more than $3 to settle at $94.07 in the previous session.
US West Texas Intermediate crude increased $1.44, or 1.7%, to $88.27 a barrel after rising nearly 3% on Wednesday.
The US military said it carried out strikes against Iran for the twelfth consecutive night, hours after President Donald Trump threatened to destroy a bridge or power station in Iran each time a ship is fired upon in the Strait of Hormuz, further escalating tensions in the conflict.