NEW YORK: Oil prices rose on Thursday on scepticism that forthcoming peace talks between the US and Iran would be able to resolve disruptions to Middle Eastern energy supplies caused by the ongoing war.
Brent crude futures climbed US$4.46, or 4.7%, to settle at US$99.39 a barrel. US West Texas Intermediate crude futures gained US$3.40, or 3.7%, to settle at US$94.69 a barrel.
The US-Israeli war with Iran stands as the largest-ever disruption of global oil and gas supplies due to Iran's interruption of traffic through the Strait of Hormuz, which typically carries about 20% of the world's oil and liquefied natural gas flows. Each day that passes with maritime traffic still effectively shut means oil users worldwide are running down supply – tightening markets.
"We remain sceptical of any immediate solving of this war," PVM oil market analyst John Evans said. "Pick any headline and there is always a counter."
...
