Commodities
Oil Prices Surge on Fears of US-Iran Conflict
Oil prices continued their upward trend on Thursday, driven by concerns over potential military conflict between the United States and Iran.
The Brent futures price rose $1.09, or 1.55%, to $71.44 a barrel, while US West Texas Intermediate (WTI) crude gained $1.09, or 1.7%, to $66.28.
Both benchmarks neared six-month highs after advancing more than 4% on Wednesday as traders priced in the risk of supply disruptions in the event of conflict.
About 20% of global oil supply passes through the Strait of Hormuz, which Iranian state media reported was shut down for a few hours on Tuesday.