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
Latest posts by CNBC (see all)
- US oil settles 0.1% higher at $57.83 a barrel ahead of crude stock data - June 26, 2019
- Oil refiner IOCL sees growth in Indian fuel demand above 4% in 2019 - June 25, 2019
- Oil prices rise as Middle East tensions simmer - June 24, 2019