Crude oil futures ended higher on Thursday, magnifying recent sessions’ gains, amid concerns about supply disruptions due to geopolitical tensions. Ukrainian attacks on Russian refineries and the potential for further escalation in Middle East conflicts continue to raise concerns about supply. Also, it is feared that the Israel-Hamas war in Gaza may spread to include Iran, possibly disrupting supplies from the Middle East. Besides, the decision of the Organization of Petroleum Exporting Countries and allies, collectively known as OPEC+, to maintain their current supply policy and to call on some members to boost compliance with output cuts continued to support oil prices.
Benchmark crude oil futures for May delivery rose $1.16 or about 1.4% to settle at $86.59 a barrel on the New York Mercantile Exchange. Brent crude for June delivery gained $1.30 or 1.45% to $90.65 per barrel on London's Intercontinental Exchange.