Oil prices continued to follow an upward trend on Thursday after the United States imposed fresh sanctions targeting Iran's oil sector in the latest round of economic escalation. The sanctions heightened investor worries about the situation in the Middle East where the US has stepped up airstrikes against the Yemeni Houthis and amid the breakdown of the ceasefire between Israel and Hamas in Gaza.
West Texas Intermediate for deliveries in May rose 1.48% at 10:52 am ET and sold for $67.88 per barrel. Brent for the same month's settlements jumped 1.41% one minute later, to sell for $71.78 per barrel.
