Washington, Oct 8. (dpa/GNA) – Oil prices surged nearly 4% on Thursday amid heightened concerns over an escalation in the US-Iran war.
Brent crude prices were up 4.1% at $104.32 a barrel, reversing losses from the previous session, after The Atlantic reported that the White House had asked the Pentagon to develop options for striking Iran before the midterm elections.No final decision has been made.
WTI crude futures soared 4% to $91.83 a barrel amid the threat of a hurricane off the US coast. Tropical Storm Isaias is expected to reach the US Gulf Coast late on Friday as a hurricane.
Oil companies operating in the Gulf of Mexico, have begun curbing production and evacuating personnel from offshore facilities.
On Wednesday, oil prices rose on fresh concerns about Middle East supplies before falling after the International Energy Agency agreed to speed up a planned release of oil stocks and prioritize diesel, in a bid to curb record-high fuel prices.
Seven commodity vessels passed through the Strait of Hormuz on Tuesday, the lowest number since July 23, after attacks in the key waterway reached their highest level last week, since the start of the US-Israeli war with Iran, according to data from analytics firm Kpler.
The US State Department, urged citizens to exercise heightened vigilance, after Houthi strikes on two Saudi airports killed three people and injured 36.
GNA