US crude rises 1.4% to 2-week high on Middle East tension, settling at $62.87


US crude rises 1.4% to 2-week high on Middle East tension, settling at $62.87

Oil prices jumped as much as 2% on Thursday as tensions in the Middle East grew, with a Saudi-led coalition launching air strikes in retaliation for recent attacks on its oil infrastructure.

U.S. West Texas Intermediate crude futures settled 85 cents higher at $62.87 per barrel, gaining 1.4% and closing at the highest level in two weeks.

Brent crude futures rose 85 cents, or 1.2%, to $72.62. Brent, the international benchmark for oil prices, touched its highest level in three weeks earlier in the session.

The Saudi-led military coalition in Yemen carried out several air strikes on the Houthi-held capital Sanaa on Thursday Read More

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