Oil prices gained more than 3% and were heading for weekly gains on continued uncertainty over Middle East supplies, and as investors kept assessing how much diesel Russia could supply to the
Oil prices gained more than 3% and were heading for weekly gains on continued uncertainty over Middle East supplies, and as investors kept assessing how much diesel Russia could supply to the global markets.
Brent crude futures were up $3.41, or 3.2%, at $109.34 at 12:41 p.m. ET (1641 GMT), while US West Texas Intermediate crude futures rose $2.74, or 2.8%, to $100.67, crossing $100 for the first time since September 21.
So far this week, Brent has risen 4.1% and WTI 8.6%.
"Conflict in the Middle East still keeps coming back and I think it's questionable how much diesel fuel Russia can actually deliver to the markets. Those two factors are just continuing to have traders be buyers," said Dennis Kissler, senior vice president of trading at BOK Financial.
Supply concerns also increased as attacks around the Strait of Hormuz surged over the past 10 days, with Iran saying it was stepping up strikes in response to the US blockade of its ports and tougher sanctions introduced last month.
Yemen's Houthis also fired missiles at the presidential palace complex in the southern city of Aden on Thursday, killing five people.
"Intensified Iranian attacks drove Gulf crude flows sharply lower,"
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