Oil prices climb as Iran conflict fuels supply fears

Oil prices moved higher on Thursday after two consecutive days of losses, as concerns over global supply disruptions remained in focus amid continued uncertainty surrounding the US-Israel war involving Iran, News.Az reports, citing Al Jazeera.

As of 00:55 GMT, Brent crude futures had risen by 81 cents, or 0.77 percent, to $105.83 per barrel.

Meanwhile, US West Texas Intermediate (WTI) crude futures gained 97 cents, or 0.99 percent, reaching $99.23 per barrel.

The rebound in prices comes as doubts persist over the stability of a potential ceasefire linked to the Iran conflict.

Market sentiment has also been supported by a decline in US crude oil inventories, increasing concerns over tightening global supplies and reduced reserve levels.

News.Az 

By Nijat Babayev