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The Economic Times
The Economic Times
Business

Oil up nearly 1% as US and Iran trade fresh strikes

United States Oil Iran X IRGC

Sept 2 - Oil prices rose nearly 1% in early trade on Wednesday, extending the ​previous session's surge, as concerns over ​supply disruption intensified after the U.S. and Iran exchanged strikes overnight, ​dimming hopes for a quick easing of tensions in the Middle East.

Brent crude futures rose 87 cents, or 0.92%, to $95.52 a barrel by 0008 GMT, while U.S. West Texas Intermediate crude futures climbed 80 cents, or ‌0.89%, to $91.02. Both contracts ⁠soared ⁠more than $4 on Tuesday, marking Brent's largest gain since July 24 and WTI's largest since July 23.

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