Oil prices rise on escalation in Middle East

Oil prices rose on Thursday after U.S. strikes on Iran and renewed Israeli threats toward Tehran revived concerns about potential disruptions to Middle East supply. Brent futures gained 59 cents, or 0.62%, to $96.22 a barrel by 1327 GMT, while U.S. West Texas Intermediate rose 78 cents, or 0.86%, to $91.79. Both contracts were on track for a fourth straight day of gains and had reached six-week highs earlier. Iran’s health minister said 18 people were killed and 108 wounded in Tuesday’s U.S. strikes, with reports of additional deaths at a wedding near the Strait of Hormuz. Shipping through the Strait of Hormuz fell to six vessels from 11 a day earlier, supporting a tight market. Energy analysts cited declining inventories.