TOKYO/SINGAPORE: Oil prices climbed on Thursday on concerns the impasse in the US-Israeli war against Iran will continue to disrupt supply from the key Middle Eastern producing region and tighten global supplies.
Brent crude futures for October delivery rose 26 cents, or 0.28 percent, to $91.87 a barrel by 07:39 a.m. Saudi time, while US West Texas Intermediate crude futures for September added 17 cents to $86 a barrel. The more-active October WTI contract gained 12 cents, or 0.13 percent, to $89.91.
Both Brent and WTI benchmarks gained for a fifth straight session on Thursday, having settled on Wednesday at their highest since July 24. The September WTI contract expires later on Thursday.
“Oil prices remained elevated as the market is supported by sporadic attacks in the Middle East but lacks fresh momentum without a major escalation,” said Hiroyuki Kikukawa, chief strategist of Nissan Securities Investment, a unit of Nissan Securities.
“The market is likely to maintain a gradual upward trend given uncertainty over peace talks and tensions involving the United Arab Emirates, Oman and Iran,” he added.
