Business Recorder
NEW YORK: Oil prices rose on Thursday on skepticism that forthcoming peace talks between the US and Iran would be able to resolve disruptions to Middle Eastern energy supplies caused by the ongoing war. Brent crude futures climbed USD4.46, or 4.7 percent, to settle at USD99.39 a barrel. US West Texas Intermediate crude futures gained USD3.40, or 3.7 percent, to settle at USD94.69 a barrel. READ MORE: Oil prices rise on doubts US-Iran peace talks will ease Hormuz disruption The US-Israeli war with Iran stands as the largest-ever disruption of global oil and gas supplies due to Iran’s interruption of traffic through the Strait of Hormuz, which typically carries about 20 percent of the world’s oil and liquefied natural gas flows. Each day that passes with maritime traffic still effectively shut means oil users worldwide are running down supply - tightening markets.
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