Oil closes above $85, US crude jumps over 8%
Oil drilling rigs
Oil prices rose on Thursday, with Brent crude finishing above $85 per barrel, as disruptions in the Strait of Hormuz continued and military operations in the Middle East expanded.
Brent crude futures for May delivery gained 4.93%, or $4.01, to $85.41 per barrel.
US Nymex crude futures for April delivery surged 8.51%, or $6.35, to $81.01 per barrel.
The gains were supported by ongoing navigation disruptions in the Strait of Hormuz, targeted attacks on oil tankers, measures by China to reduce fuel exports, production cuts in Iraq’s largest oil fields due to rising inventories, and the shutdown of several Middle East refineries.
The surge came despite the Trump administration announcing earlier this week a plan to deploy military vessels to protect energy tankers in the Gulf if necessary.
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