Oil futures rallied Thursday, as an attack on two oil tankers near the Strait of Hormuz raised fears of a potential disruption to the global flow of oil, but failed to recoup the previous days losses by the close.
West Texas Intermediate crude for July delivery rose $1.14, or 2.2%, to end at $52.28 a barrel after tapping an intraday high of $53.45. The gains contrasted with a 4% drop that took the U.S. benchmark down to $51.14 Wednesday, the lowest front-month contract finish since Jan. 14, according to Dow Jones Market Data.
August Brent crude climbed $1.34, or 2.2%, to $61.3, following a session high so far of $62.64 a barrel, reached earlier when reports of the tanker attacks surfaced. The previous session saw Brent tumble 3.7% to $59.97 a barrel, the lowest front-month finish since Jan. 28.
Source : Marketwatch