TOKYO: Oil prices rose nearly 2 per cent in early Asian trade on Thursday (Mar 5), off the back of persistent worries about supplies because of the Middle East conflict.
At around 11.10pm GMT (Thursday, 7.10am, Singapore time) West Texas Intermediate, having closed barely changed on Wednesday at US$74.66 per barrel, was up 1.86 per cent at US$76.05 per barrel.
Brent North Sea Crude, which ended the previous day flat at US$81.40 per barrel, was not being traded.
The US-Israel conflict with Iran that began on Saturday has effectively closed shipping through the Strait of Hormuz.
A fifth of the world’s seaborne crude oil travels through the waterway, as well as considerable volumes of liquefied natural gas (LNG).
