BAKU, Azerbaijan, September 3. Oil prices climbed to six-week highs after US strikes on Iran and renewed Israeli threats raised concerns about potential disruptions to crude supplies from the Middle East.
Brent crude futures rose $1.76, or 1.8 percent, to $97.39 a barrel by 10:25 GMT, recovering from earlier losses. US West Texas Intermediate crude futures also advanced, gaining $1.91, or 2.1 percent, to $92.92 a barrel.
Both benchmarks were on track for a fourth consecutive session of gains after reaching six-week highs earlier in the trading session.
Market concerns were further intensified by comments from Israeli Defence Minister Israel Katz, who warned that Israel would “cripple” Iranian infrastructure, including energy facilities, if Tehran launched attacks against Israel.
Saxo Bank analyst Ole Hansen said Katz’s remarks contributed to the latest rise in oil prices, as traders assessed the risk of further escalation and its potential impact on regional energy supplies.
