Oil prices rose on Thursday after US strikes on Iran and renewed Israeli threats against Tehran revived concerns about disruptions to Middle East supplies.
Brent crude futures were up 59 cents, or 0.62 per cent, at $96.22 a barrel by 1327 GMT while US West Texas Intermediate crude futures rose 78 cents, or 0.86 per cent, to $91.79. Both contracts were heading for their fourth day of gains and hit six-week highs earlier in the session.
Iran’s health minister said 18 people were killed and 108 wounded in Tuesday night’s US strikes across Iran. The Iranian Red Crescent said four people were killed and 67 wounded at a wedding ceremony near the coast of the Strait of Hormuz.
Three Iranian Army pilots were killed in the US strikes, the semi-official Tasnim news agency reported.
The attacks were the most substantial exchange of fire between the US and Iran since July. The war, which began with US-Israeli strikes at the end of February, is in its seventh month.
Israeli Defence Minister Israel Katz renewed warnings that Israel would “cripple” Iran’s military and civilian infrastructure, including energy facilities, if Tehran launched attacks against it.
Saxo Bank analyst Ole Hansen said Katz’s comments had helped to push oil prices higher.
