Oil prices up 2% on Middle East supply fears
Oil prices rose on Thursday on investor concern that a widening Middle East conflict could disrupt crude oil flows from the region, though a stronger global supply outlook kept a lid on gains, News.Az reports citing Reuters .
Brent crude futures were up $1.52, or 2.06%, at $75.42 a barrel by 1211 GMT. U.S. West Texas Intermediate crude futures rose $1.58, or 2.25%, to $71.68.Market fears are mounting over the possibility that Israel might target Iranian oil infrastructure, raising the spectre of retaliation from Iran.
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