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Crude oil futures settle higher on Thursday

06 Mar 2026 Evaluate

Crude oil futures settled higher on Thursday as traders were worried about oil supply disruptions caused by the conflict in the Middle East. Iran's Islamic Revolutionary Guard Corps reportedly claimed that it has struck an American oil tanker in the northern Persian Gulf, raising fears of a wider conflict after the Islamic republic threatened to halt shipping through the vital Strait of Hormuz. 

Benchmark crude oil futures for April delivery rose $6.35 or 8.51% to settle at $81.01 a barrel on the New York Mercantile Exchange. Brent crude for May delivery added $4.01 or 4.92% to settle at $85.41 a barrel on London's Intercontinental Exchange. 


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