Shafaqna English– Oil prices rallied by more than 2% on Thursday, closing at their strongest level in nearly a month, as markets reacted to President Trump’s forceful declaration that he would impose reprisals on nations aiding Iran—his most recent attempt to broker an end to a war that has severely disrupted Middle Eastern crude exports, leaving millions of barrels of oil stranded in storage and production facilities, thereby tightening global supply and stoking fears of further price escalation.
Brent crude futures rose by $2.16, or 2.4%, to settle at $93.78 a barrel, achieving their highest close since July 24; simultaneously, the September delivery contract for US WTI crude added $2.00, equivalent to a 2.3% gain, to finish at $87.83 per barrel, which also represented the most elevated closing level observed since the same date in late July.
Source: Reuters