Oil Extends Surge on Report Iran Orders Retaliatory Strike

Bloomberg News

Oil Extends Surge on Report Iran Orders Retaliatory Strike
IsraelHamas LeaderIran
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(Bloomberg) -- Oil advanced after surging on Wednesday as Iran’s leader was reported to have ordered a retaliatory strike on Israel for killing a Hamas...

-- Oil advanced after surging on Wednesday as Iran ’s leader was reported to have ordered a retaliatory strike on Israel for killing a Hamas leader on its soil.Brent crude broke through $81 a barrel after jumping 3.6% in the previous session, while West Texas Intermediate was above $78. Iran ’s Ayatollah Ali Khamenei ordered a direct strike on Israel , the New York Times reported.

Away from the Middle East, US crude inventories shrank by 3.4 million barrels last week, official data showed. The fifth weekly decline in stockpiles was the longest losing streak since January 2022. Levels at the Cushing hub also fell.Oil prices rose in early Asian trading on Thursday, extending strong gains in the previous session after the killing of a Hamas leader in Iran raised the threat of a wider Middle East conflict and on signs of strong oil demand in the U.S.

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