Brent crude oil futures gained 76 cents to $86.01 a barrel by 0930 GMT, while U.S. West Texas Intermediate crude futures rose 69 cents to $81.60
Oil prices edged up on Thursday as supply disruption risks from rising geopolitical tensions in the Middle East helped to counter demand fears after a surprise build in U.S. stockpiles.
U.S. gasoline stocks also rose, increasing by 2.7 million barrels. That compared with analyst expectations for a 1 million barrel draw. “If it were not for the steady and incremental ratcheting up of geopolitical risk in the Middle East, oil prices might have found themselves on the back end of a much more negative day.”
Cross-border strains between Israel and Lebanon’s Hezbollah have been escalating in recent weeks, stoking fears of a war that could draw in other regional powers, including major oil producer Iran.
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