Oil prices rose nearly 2 percent in early Asian trade on Thursday, fueled by persistent worries about supplies due to the Middle East conflict. West Texas Intermediate was up 1.86 percent at US$76.05 per barrel. Brent North Sea Crude saw no trading.
The US-Israel conflict with Iran has effectively closed shipping through the Strait of Hormuz, a vital waterway for a fifth of the world's seaborne crude oil and significant volumes of LNG.
President Donald Trump stated the US Navy is ready to escort oil tankers and provide shippers with insurance. The Omani navy rescued 24 crew members from a Malta-flagged container ship struck by missiles in the strait. This marks the fourth reported attack in regional waters within 24 hours.