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The Economic Times
The Economic Times
Business

Oil surges 6%, Brent and US crude both surpass $100 on more tanker attacks

ING Oil United States Iran China Yemen OPEC Red Sea

NEW YORK: Oil prices jumped 6% on Thursday, with both major benchmarks trading at over $100 a barrel as ​the biggest spike in attacks on shipping ​since the Iran war began fed worries among traders about further disruptions to already tight supplies.

Brent ​crude futures hit their highest since mid-May, rising $5.87, or 5.8%, to $107.08 a barrel by 1:20 p.m. ET (1720 GMT). U.S. oil topped $100 a barrel for the first time since May as West Texas Intermediate crude futures rose $5.57, or 5.8%, to $101.62.

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