Commodities
Iran's Escalating Attacks Send Oil Prices Soaring Amid Global Supply Disruptions
Oil prices surged Thursday as Iran escalated attacks on oil and transport facilities in the Middle East. Iranian boats attacked two tankers in Iraqi waters, setting them ablaze and killing one crew member.
The International Energy Agency (IEA) proposed releasing 400 million barrels of oil from strategic stockpiles to alleviate supply disruptions, but analysts say this may only provide limited relief.
Brent futures climbed $4.90, or 5.33%, to $96.88 a barrel by 1107 GMT, while U.S. West Texas Intermediate crude was up $4.27, or 4.89%, at $91.52.
The IEA reported that Middle East Gulf countries have cut total oil production by at least 10 million barrels per day, a volume equalling almost 10% of world demand.