Oil futures gained Thursday, mounting a charge toward fresh multimonth highs, as energy-market participants considered the likelihood that major producers will answer with increased supply in response to tougher U.S. action against Iran’s oil market.
In recent action, U.S.-based West Texas Intermediate crude for June delivery was up 36 cents, or 0.6%, to $66.23 a barrel on the New York Mercantile Exchange. WTI on Tuesday scratched $66.30, the highest settlement for a front-month contract since Oct. 29, FactSet data show.
June Brent crude the global benchmark, tacked on 95 cents, or 1.3%, at $75.49 a barrel on ICE Futures Europe. Its finish at $74.57 Wednesday was its highest since late October.