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NEW YORK: Oil prices rose to more than a three-week high on Thursday after US President Donald Trump warned of retaliation against nations supporting Iran, his latest attempt to resolve a war that has stranded millions of barrels of Middle Eastern oil.
Brent crude futures were up $1.94, or 2.1 per cent, to $93.56 a barrel at 1:49pm EDT, the highest price since July 24. US West Texas Intermediate crude futures for September rose $2.18, or 2.5pc, to $88.01 a barrel, also the highest level since July 24.
The September WTI contract expires later on Thursday. The October WTI contract was up 2.7pc at $86.68 a barrel.
“Tensions in the Middle East remain high, leaving room for further supply disruptions,” said Giovanni Staunovo, an analyst with UBS. “Lower oil exports from the Middle East are once again tightening the oil market.”
