Oil prices rise amid escalating tanker attacks in the Gulf and Strait of Hormuz
Brent and U.S. West Texas Intermediate crude rose as supply fears resurfaced after an attack on a tanker north of Qatar and a decline in U.S. crude inventories.
Oil prices rose on Thursday as worries about Middle East supplies resurfaced amid escalating attacks on oil tankers in the Gulf and the Strait of Hormuz.
Brent futures rose $1.33, or 1.33%, to $101.53 a barrel, while U.S. West Texas Intermediate crude climbed $1.11, or 1.26%, to $89.39 a barrel.
A tanker north of Qatar was struck by several projectiles in the latest attack, causing injuries, according to United Kingdom Maritime Trade Operations.
The concerns came despite the International Energy Agency approving accelerated releases from oil stockpiles.
U.S. data showed crude inventories fell by 3.2 million barrels in the week ending Oct. 2 to 424.1 million barrels, a larger decrease than analysts had expected, who had forecast about a 1.7 million-barrel drop.
