Crude oil futures ended sharply higher on Thursday, supported by a halt to exports from Iraq’s Kurdistan region. Iraq was forced to halt around 450,000 barrels per day (bpd) of crude exports, or half a percent of global oil supply, from the Kurdistan region (KRI) on Saturday through a pipeline that runs from its northern Kirkuk oil fields to the Turkish port of Ceyhan. Further, crude oil prices also rose as easing concerns over turmoil in the banking sector helped reduce fears about risks to economic growth and fuel demand.
Benchmark crude oil futures for May delivery gained $1.40 or about 1.9 percent to settle at $74.37 a barrel on the New York Mercantile Exchange. Brent crude for May delivery surged $0.99 or about 1.26 percent to settle at $79.27 a barrel on London's Intercontinental Exchange.