HOUSTON: Oil prices experienced a significant increase on Thursday, with heightened attention on key producing countries in the Middle East and growing concerns that an escalating regional conflict could threaten global crude supplies.
Brent crude futures rose by $3.59, or 4.86%, reaching $77.49 a barrel by 1:08 p.m. EDT. Similarly, US West Texas Intermediate (WTI) crude futures climbed $3.58, or 5.11%, to $73.68.
During the session, US gasoline futures also gained more than 5%.
Brent futures hit an intraday high of $77.65 per barrel, marking the strongest level since August 30, while WTI futures reached a one-month high of $73.95 per barrel.
Market apprehensions are intensifying over the potential for Israel to target Iranian oil infrastructure, raising concerns about possible retaliation from Iran.
“This situation is going to really test the mettle of the market because, up until now, the risk to supply has been downplayed, as there has been no disruption. This could be a game changer,” stated Phil Flynn, senior analyst for Price Futures Group.
