Oil Extends Gains on Middle East Supply Worries

Oil Extends Gains on Middle East Supply Worries

LONDON—Oil rose more than 1 percent on Thursday, adding to gains in the previous session on concerns over Middle Eastern supply following disruptions at an oilfield in Libya and heightened tensions regarding the Israel-Hamas war.

On Wednesday, local protests forced a production shutdown at Libya’s Sharara oilfield, which can produce up to 300,000 barrels per day. The field, one of Libya’s largest, has been a frequent target for local and broader political protests.

Brent crude rose 92 cents, or 1.2 percent, to $79.17 a barrel by 0908 GMT, while U.S. West Texas Intermediate crude futures rallied 93 cents, or 1.3 percent, to $73.63.

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Oil tanker by Georg Eiermann is licensed under Unsplash unsplash.com