London, May 28 (SANA) Oil prices rose more than 3% on Thursday as escalating tensions between the United States and Iran raised concerns over potential supply disruptions in the Gulf and the Strait of Hormuz.
Brent crude futures for July delivery gained $3.51 to $97.80 a barrel, while the more actively traded August contract rose $3.35, or 3.63%, to $95.60, according to Reuters.
U.S. West Texas Intermediate crude futures climbed $3.31, or 3.73%, to $91.99 per barrel.
Market sentiment was further supported by data from the American Petroleum Institute showing U.S. crude stockpiles fell by 2.8 million barrels last week, marking a sixth consecutive weekly decline.
Oil prices had already advanced on Wednesday after U.S. Central Command said it carried out strikes earlier this week on missile launch platforms in southern Iran and targeted boats that U.S. officials said were attempting to lay naval mines.
At the same time, reports that several liquefied natural gas tankers had recently passed through the Strait of Hormuz helped ease concerns over prolonged disruptions to shipping through the strategic waterway.
A U.S. official, speaking on condition of anonymity, said earlier Thursday that American forces had launched new airstrikes targeting a military site in Bandar Abbas in southern Iran.
N.J/ADB
