Singapore January 4 2024: Oil prices rose in early trade on Thursday, extending the previous day’s sharp gains on concerns about Middle Eastern supply following disruptions at a field in Libya and heightened tension around the Israel-Gaza war.
Brent crude rose 33 cents, or 0.42%, to $78.58 a barrel by 0101 GMT, while U.S. West Texas Intermediate crude futures rose 40 cents, or 0.55%, to $73.10.
Both benchmarks rose by around 3% to settle higher for the for the first time in five days on Wednesday, with WTI seeing the biggest daily percentage gain since mid-November.
On Wednesday, local protests forced a full shutdown of production at Libya’s Sharara oilfield, which can produce up to 300,000 barrels per day. The field, one of Libya’s largest, has been a frequent target for local and broader political protests.
Also on Wednesday, nearly 100 people were killed in blasts at an event to commemorate commander Qassem Soleimani who was killed by a U.S. drone in 2020, as Iranian officials blamed unspecified “terrorists” and vowed revenge.
