Oil prices extended their gains today by 4%, reaching their highest levels in nearly 6 weeks following U.S. Secretary of State Marco Rubio's statements that Iran is not serious about peace talks, which raises concerns about increasing supply disruptions after U.S. forces announced they had begun airstrikes on Iranian military targets for the eleventh consecutive night, while Kuwait reported being targeted by Iranian drone attacks.

Highest Level

Brent crude futures rose by 3.01% or $2.7, to $93.73, while West Texas Intermediate (WTI) crude increased by 3.01% or $2.56, to $86.9.

This comes after oil prices reached their highest level in five weeks at yesterday's close, following U.S. forces striking targets in southern and western Iran, while Tehran launched attacks on American facilities in Bahrain, Kuwait, and Jordan.

Market sources reported, citing data from the American Petroleum Institute, that crude oil and distillate inventories in the United States rose last week, while gasoline inventories declined.

Oil prices extended their gains today by 4%, reaching their highest levels in nearly 6 weeks following U.S. Secretary of State Marco Rubio's statements that Iran is not serious about peace talks, which raises concerns about increasing supply disruptions after U.S. forces announced they had begun airstrikes on Iranian military targets for the eleventh consecutive night, while Kuwait reported being targeted by Iranian drone attacks.

Highest Level

Brent crude futures rose by 3.01% or $2.7, to $93.73, while West Texas Intermediate (WTI) crude increased by 3.01% or $2.56, to $86.9.

This comes after oil prices reached their highest level in five weeks at yesterday's close, following U.S. forces striking targets in southern and western Iran, while Tehran launched attacks on American facilities in Bahrain, Kuwait, and Jordan.

Market sources reported, citing data from the American Petroleum Institute, that crude oil and distillate inventories in the United States rose last week, while gasoline inventories declined.