London (AFP/APP): Oil prices shot higher Thursday on fresh supply concerns in the Middle East, while stocks climbed on the US Federal Reserve’s decision to cut interest rates.
Brent oil jumped nearly two percent as traders seized on resurfacing tensions in the crude-rich Middle East. The market had surged at the start of the week after drone attacks at Saudi oil facilities on Saturday. Traders remain on red alert for further developments, including the US and Saudi response, with both putting the blame at Iran’s door.
“There’s been a fairly sharp move higher in oil after a couple of incidents occurred in a short space of time that threaten to raise supply fears in the Middle East,” XTB analyst David Cheetham told AFP.