Oil prices rise over 3% after US–Iran exchange of strikes

Global oil prices rose more than 3.5% on Thursday morning amid renewed escalation in tensions in the Middle East.

According to Report, citing Interfax, July Brent crude futures on London's ICE Futures exchange were up $3.41 (3.62%) at $97.7 per barrel as of 09:15 Baku time, following reports of US and Iranian strikes in the Bandar Abbas area. A day earlier, Brent had fallen by $5.29 (5.31%) to $94.29 per barrel.

July WTI crude futures also rose on electronic trading on the New York Mercantile Exchange (NYMEX), gaining $3.37 (3.8%) to $92.05 per barrel. In the previous session, the contract had dropped by $5.21 (5.55%) to $88.68 per barrel.

"Oil supplies from the region remain constrained, and key disputed issues have still not been resolved," said ANZ commodities strategist Daniel Hynes.