Crude oil futures closed sharply higher on Thursday as investors feared a prolonged war in the Middle East would block tanker traffic through the Strait of Hormuz for weeks. Meanwhile, reports indicated that Iran was working with Oman to draft a protocol to ‘monitor transit’ through the critical waterway between the two countries.
Benchmark crude oil futures for May delivery rose by $11.42 or 11.41% to settle at $111.54 a barrel on the New York Mercantile Exchange. Brent crude for June delivery increased by $7.87 or 7.78% to settle at $109.03 a barrel on London's Intercontinental Exchange.
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