Oil prices rise on Thursday 

Oil prices rose on Thursday, with Brent crude gaining more than $1 per barrel in volatile trading as escalating US attacks on Iran heightened supply concerns, while hopes of a diplomatic resolution and continued shipping through the Strait of Hormuz limited gains.

Brent crude futures climbed $1.48, or 1.63 per cent, to $92.22 a barrel by 0707 GMT, while US West Texas Intermediate (WTI) crude gained 43 cents, or 0.51 per cent, to $84.89 a barrel.

The gains followed Wednesday’s surge of about seven to eight per cent after US President Donald Trump threatened to strike Iran “very hard” following an Iranian missile attack on a US base in Jordan. The US later launched a two-hour attack on Iran, while US and Saudi forces also targeted Iran-backed groups in Iraq.

Additional supply concerns emerged after the Caspian Pipeline Consortium suspended oil loadings following a drone attack on a tanker.

Despite the geopolitical tensions, analysts said investors remain focused on oil flows through the Strait of Hormuz and the prospects for diplomacy. Data from Kpler and LSEG showed that the Al Areesh liquefied natural gas (LNG) tanker successfully passed through the strait after departing Qatar’s Ras Laffan terminal.

Attribution: Reuters