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.
The benchmark Brent Crude on Thursday logged a steep jump of nearly 4 per cent over reports of attack on oil tankers in the Gulf of Oman.
At 5.28 p.m., Brent was trading at $62.30 per barrel, or 3.89 per cent higher.
The benchmark crude prices have remained flat for most parts of June so far, even though tensions were simmering in the Gulf region.
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Thursday’s attack, experts said, could trigger a spike, which may keep the oil prices on the boil for some time before tension subsides in the Middle East.
As a result of attack on oil tankers, the rupee also lost 16 paise to close at Rs 69.51 per dollar from its previous close of 69.35.
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