Oil futures rose in trading, with Brent crude up 4.99% at 105.20 dollars per barrel, while U.S. West Texas Intermediate gained 4.47 dollars, or 5.06%, to 92.75 dollars per barrel, amid growing concerns over disruptions to Middle East supplies.
Brent at highest level since September 29
Brent crude futures reached their highest trading level since September 29, rising to 105.20 dollars per barrel in trading.
U.S. West Texas Intermediate futures hit their highest price peak since October 2, rising to 92.75 dollars per barrel.
Supply concerns lift the risk premium
The gains came amid heightened geopolitical uncertainty and concerns in international energy markets about sudden disruptions that could affect the flow of oil supplies and crude transport routes from the Middle East, lifting the risk premium and increasing demand for crude contracts.
