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Brent crude rose 4.1% to $104.28 a barrel and WTI gained 3.6% to $91.49 as traders weighed U.S.-Iran tensions, elevated Persian Gulf shipping risks and Gulf of Mexico production shut-ins ahead of Hurricane Isaias.
WTI and Brent crude were higher after earlier gains, with prices supported by Middle East conflict concerns and Hurricane Isaias-related production shutdowns. The market also cited expectations of additional reserve releases and gradual supply increases.
Oil futures were volatile as concerns over renewed strikes on Iran and a hurricane threat to Gulf production helped drive early gains, while later trade reversed lower. The EIA also reported a 3.2 million-barrel draw in U.S. crude stocks.
Oil futures rose sharply as concerns intensified over renewed strikes on Iran, attacks on shipping in the Gulf and production shut-ins ahead of Tropical Storm Isaias. WTI was up 4.7% at $92.46 a barrel and Brent gained 4.5% to $104.76.
() -- Crude prices posted weekly gains following a mid-week escalation in tensions between the US and Iran, which triggered retaliatory military strikes and left commercial shipping traffic through the strategic Strait of Hormuz severely constrained. West Texas Intermediate settled at $71.51 per barrel, up from $68.78/