Khaberni - Brent crude prices increased by more than 5% on Thursday amid new concerns related to oil supplies from the Middle East, after Iran threatened to strike Gulf oil and gas facilities in response to an attack targeting one of its main gas fields.
Brent prices jumped 5.1% to $112.84 per barrel, while West Texas Intermediate crude prices rose by 2.5% to $98.69 per barrel in Asian trading.
The American-Israeli war on Iran has disrupted global oil markets and pushed crude oil and fuel prices to their highest levels in several years, with the closure of a major trade route and some energy production halted in the Middle East.
The rise in Brent crude prices compared to future contracts of American crude oil creates an arbitrage opportunity for traders looking to profit by moving oil to higher-priced markets.
West Texas Intermediate crude was traded at a discount of up to $12.05 per barrel compared to Brent crude during yesterday's Wednesday session, the largest discount since March 2015.
