Oil prices rose nearly two per cent in early Asian trade on Thursday off the back of persistent worries about supplies because of the Middle East conflict.
At around 23:10GMT West Texas Intermediate, having closed barely changed on Wednesday at $74.66 per barrel, was up 1.86 per cent at $76.05 per barrel.
Brent North Sea Crude, which ended the previous day flat at $81.40 per barrel, was not being traded.
The conflict between the United States and Iran that began on Saturday has effectively closed shipping through the Strait of Hormuz.
A fifth of the world’s seaborne crude oil travels through the waterway as well as considerable volumes of liquefied natural gas (LNG).
President Donald Trump sought to allay concerns about oil supplies being choked off, saying Tuesday that the US Navy was ready to escort oil tankers and that the United States would offer shippers insurance.
A fifth of the world’s seaborne crude oil travels through the waterway as well as considerable volumes of liquefied natural gas (LNG).
President Donald Trump sought to allay concerns about oil supplies being choked off, saying Tuesday that the US Navy was ready to escort oil tankers and that the United States would offer shippers insurance.
The Omani navy rescued on Wednesday 24 crew members of a Malta-flagged container ship struck by missiles while transiting the strait, state media said.
