The price of Brent crude rose above $90 a barrel for the first time since October, as the conflict in the Middle East showed signs of escalation.
The price of the global index jumped as much as 2.2% after Israeli Prime Minister Benjamin Netanyahu said at a security cabinet meeting that his country will act against Iran and its proxies and harm those who seek to harm it. On the other hand, US President Joe Biden told Netanyahu in a phone call on Thursday that US support for his war in Gaza will depend on new steps to protect civilians, which is a shift in the US position.
Rising tensions in the Middle East gave oil futures prices an extra boost this week after Iran vowed to retaliate against Israel over an airstrike on its embassy in Syria that killed a top military commander.
The price of Brent crude oil rose by 1.5% to reach $90.65 per barrel in June.
The price of West Texas Intermediate (WTI) for May delivery rose 1.4% to settle at $86.59 per barrel.
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