TOKYO/SINGAPORE: Oil prices surged more than 3 percent on Thursday, extending a rally as the escalating US-Israeli war with Iran raised fears of prolonged disruptions to vital Middle East oil and gas supplies.
Brent crude advanced $2.65, or 3.26 percent, to $83.99 per barrel by 08:20 am Saudi time, a fifth session of gains. US West Texas Intermediate crude rose $2.76, or 3.70 percent, to $77.42.
Crude oil markets remained on edge as they face ongoing risks to supply following the attacks in the Middle East and concerns are centred on the flow of supply through the Strait of Hormuz, ANZ analysts said in a note on Thursday.
Iran launched a wave of missiles at Israel early on Thursday, sending millions of residents into bomb shelters as the conflict entered its sixth day and just hours after moves to halt the US air assault were blocked in Washington.
On Wednesday, a US submarine sank an Iranian warship off Sri Lanka, killing at least 80 people, and NATO air defences destroyed an Iranian ballistic missile fired toward Turkiye.
