Stock movements
By 15:36 GMT, crude futures rose Brent $2.82, or 3.82 percent, to $76.72 per barrel. West Texas Intermediate crude futures rose $2.85, or 4.07 percent, to $72.95.
Both benchmarks rose by more than $3 a barrel during the session.
Brent crude futures reached a high level during the day at $77.65 per barrel, the highest since August 30.
West Texas Intermediate crude futures reached a peak during the session at $73.95 per barrel, the highest level in a month.
Market fears are increasing as a result of possible targeting Israel Iran’s oil infrastructure, raising the possibility of a response Iran On that.
Analyst Ashley Quilty of Panmure Gordon said there were concerns that such an escalation could prompt Iran to close the Strait of Hormuz.
The strait is a major logistical point through which a fifth of daily oil supplies pass.
Which led to limiting oil gains on Thursday, the National Oil Corporation said in… For Libya In a statement on its Facebook page, it lifted the state of force majeure in all Libyan oil fields and ports, which could end a crisis that led to a significant reduction in oil production.
The US Energy Information Administration said that crude stocks in US It rose by 3.9 million barrels to 417 million barrels in the week ending September 27, compared to expectations in a Reuters poll of a decline of 1.3 million barrels.
“The increase in US inventories adds to evidence that the market has large supplies that can withstand any production disruption,” analysts at ANZ said in a note.
The presence of excess production capacity in the Organization of the Petroleum Exporting Countries (OPEC) and the fact that global crude oil supplies have not yet been affected by the turmoil in the Middle East region have also reduced concerns.
