Risk of conflict in the Middle East sends Brent crude futures up 53 cents
London — Oil prices rose on Thursday for the third day in a row as fears of supply disruptions amid heightened tensions in the Middle East overshadowed swelling US crude inventories.
Oil was drawing support from the risk of conflict in the Middle East, with helicopters carrying US staff from the US embassy in Baghdad on Wednesday out of apparent concern about perceived threats from Iran. Also keeping prices in check is uncertainty about whether Opec and other producers will maintain into the second half of the year supply cuts that have boosted prices more than 30% in 2019.
An end to US waivers that allowed some countries to buy Iranian oil after the reimposition of US sanctions has prompted Tehran to relax restrictions on its nuclear programme and threaten action that could breach a 2015 nuclear deal.
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