Skip to main content

MoneyWorks4Me

Crude oil futures end higher on Thursday

12 Jan 2024 Evaluate

Crude oil futures ended higher Thursday amid rising tensions in the Middle East. According to reports, Iran seized a tanker with Iraqi crude marked for delivery to Turkey on Thursday. The Navy of Iran's Army has announced the seizure of an American oil tanker in the Gulf of Oman with a judicial order. Besides, Signs of an escalating conflict in the Middle East after another Israeli strike in Rafah, supported oil prices. Israel bombarded the southern Gaza Strip overnight, as U.S. Secretary of State Antony Blinken prepared to travel to Egypt for more talks aimed at containing Israel's war against Hamas.

Benchmark crude oil futures for February delivery rose by $0.65 or 0.91 percent to settle at $72.02 a barrel on the New York Mercantile Exchange. Brent crude for March delivery gained $0.61 or 0.79 percent to settle at $77.41 a barrel on London's Intercontinental Exchange.