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Oil futures advanced sharply on Thursday as escalating attacks on shipping in the Middle East and the threat of storm-related production losses in the US Gulf of Mexico heightened concerns about the availability of crude supplies. Brent crude futures climbed 3.
WTI Nov and Brent Dec futures are firmer, extending their rebound from yesterday's lows as US-Iran tensions continue to escalate (see below for details).
TradingKey - On October 8, international oil prices surged in intra-day trading, with both WTI (USOIL) crude and Brent (UKOIL) crude rising by over 5% at one point. Escalating shipping security risks in the Middle East, combined with the suspension of some crude production in the U.S. Gulf of Mexico due to a…