LONDON, Jan 11 (Reuters): Oil prices rose on Thursday after an oil tanker was boarded by an armed group in Oman, raising the prospect of escalating conflict in the Middle East.
Brent crude futures gained $1.03, or 1.3 per cent, to $77.83 a barrel by 0916 GMT and US West Texas Intermediate crude futures rose 98 cents, or 1.4 per cent, to $72.35, though gains were capped by a surprise build in US crude stockpiles.
The United Kingdom Maritime Trade Operations (UKMTO) authority received a report on Thursday that a vessel about 50 nautical miles east of Oman's coast was boarded by four to five armed individuals.
The previous day Yemen-based Houthis mounted their largest attack yet on commercial shipping lanes in the Red Sea and Israeli strikes in southern and central Gaza also intensified.
The United States and Britain hinted they would take further measures if the attacks continued. The United Nations Security Council, meanwhile, passed a resolution demanding an immediate end to the Houthi strikes.
The oil benchmarks had settled lower on Wednesday after a surprise jump in US crude stockpiles raised concerns over demand in the world's largest oil market.
Oil prices firm as Middle East tensions heat up
FE Team | Published: January 11, 2024 22:03:15
Oil prices firm as Middle East tensions heat up
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