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Oil Edges Higher as US Launches Fresh Strikes on Iran

Oil Edges Higher as US Launches Fresh Strikes on Iran

Muscat: Oil prices recorded a slight gain in early trading today, driven by concerns over supply disruptions after US forces continued their strikes on Iranian military targets for an 11th consecutive night. Brent crude futures rose 0.55 percent, or 50 cents, to $91.51 a barrel, while US West Texas Intermediate crude gained 0.36 percent, or 30 cents, to $84.64 a barrel in thin trading.

According to Oman News Agency, the move followed oil's settlement at a five-week high after US forces struck targets in southern and western Iran, while Tehran launched attacks on a number of facilities in the region. Market sources, citing American Petroleum Institute data, said US crude and distillate inventories rose last week, while gasoline stocks fell. The inventory data comes ahead of official figures from the Energy Information Administration, due later today.