WASHINGTON, Oct 8 — Oil prices surged nearly four per cent on Thursday amid heightened concerns over an escalation in the United States (US)-Iran conflict, reported German Press Agency (dpa).
Brent crude prices were up 4.1 per cent at US$104.32 a barrel, reversing losses from the previous session after The Atlantic reported that the White House had asked the Pentagon to develop options for striking Iran before the midterm elections.
No final decision has been made.
WTI crude futures soared 4 per cent to US$91.83 a barrel amid the threat of a hurricane off the US coast.
Tropical Storm Isaias is expected to reach the US Gulf Coast late on Friday as a hurricane.
Oil companies operating in the Gulf of Mexico have begun curbing production and evacuating personnel from offshore facilities.
On Wednesday, oil prices rose on fresh concerns about West Asia supplies before falling after the International Energy Agency agreed to speed up a planned release of oil stocks and prioritise diesel in a bid to curb record-high fuel prices.
Seven commodity vessels passed through the Strait of Hormuz on Tuesday, the lowest number since July 23, after attacks in the key waterway reached their highest level last week since the start of the US-Israeli conflict with Iran, according to data from analytics firm Kpler.
The US State Department urged citizens to exercise heightened vigilance after Houthi strikes on two Saudi airports killed three people and injured 36. — Bernama-dpa
