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Crude oil futures end sharply higher as Biden comments on possible Israel retaliation against Iran

04 Oct 2024 Evaluate

Crude oil futures ended sharply higher on Thursday as tensions in the Middle East due to the war between Israel and Iran raising concerns about supply disruptions. Meanwhile, U.S. President Joe Biden said the U.S. was discussing possible strikes by Israel on Iran's oil industry. An attack on Iran's oil facilities could severely hurt oil supply as Iran is the seventh largest oil producer in the world, exporting around half its production to major consumers, mainly to China.

Benchmark crude oil futures for November delivery rose $3.61 or 5.14 percent to settle at $73.71 a barrel on the New York Mercantile Exchange. Brent crude for December delivery up by $3.72 or 5 percent to settle at $77.62 a barrel on London's Intercontinental Exchange.