Oil up, Brent crude crosses $107
Oil drilling rigs
Oil prices rose at the close of trading today, March 18, with Brent crude settling above $107 a barrel, as shipping disruptions in the Strait of Hormuz continued and concerns mounted over the impact of attacks on energy infrastructure in the Middle East.
Brent crude futures for May delivery jumped 3.83%, or $3.96, to $107.38 a barrel.
US West Texas Intermediate (WTI) crude futures for April delivery edged up 0.11%, or 11 cents, to $96.32 a barrel.
This came amid threats from Iran to target oil facilities in the Middle East in retaliation for reports that Israel had attacked Iran's largest gas processing plant in Bushehr province.
With the potential for continued disruption to Middle Eastern energy supplies throughout April, analysts at Citi, in a note to clients published today, predicted that oil prices could climb as high as $120 a barrel.
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