Extending previous session’s gains, Crude oil futures settled higher on Thursday amid report stated that seven tankers were attacked by Iran in a two-day period across the Persian Gulf and the Strait of Hormuz, rekindled concerns about supply disruptions in the Middle East. The rise came despite the US Department of Energy said that the administration had decided to release 172 million barrels of crude oil from the Strategic Petroleum Reserve (SPR), in a bid to reduce oil prices that have soared due to supply shocks from the US-Israeli war on Iran.
Benchmark crude oil futures for April delivery rose $8.48 or 9.72% to settle at $95.73 a barrel on the New York Mercantile Exchange. Brent crude for May delivery added $8.48 or 9.22% to settle at $100.46 a barrel on London's Intercontinental Exchange.
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