Oil prices surge in global market amid escalating Iran-Israel tensions
The price of Brent crude had fallen to around $87 per barrel on Wednesday following higher US inventories and the decline in Chinese demand due to a slowing economy.
Oil prices rose on Thursday amid geopolitical concern about anti-corruption crackdown in Saudi Arabia.
The West Texas Intermediate for December delivery was up $0.36 to settle at $57.17 a barrel on the New York Mercantile Exchange, while Brent crude for January delivery rose $0.44 to close at $63.93 a barrel on the London ICE Futures Exchange.
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