Daily Times

Crude oil prices surged for the third straight day on Thursday as the Middle East supply fears are back in focus after an oil tanker was boarded by an armed group in Oman, raising the prospect of escalating conflict in the area.

As of 1300 hours GMT, Brent, the international benchmark for two-thirds of the world’s oil, gained $1.48 (+1.93 percent) to reach $78.28 a barrel. Similarly, the West Texas Intermediate (WTI), the main oil benchmark for North America, went up by $1.48 (+2.07 percent) to $72.85 a barrel.

Brent ended last week higher by 2.23 percent, while WTI closed the week up by 3.01 percent. Both benchmarks shed more than 10 percent in 2023 on a year-on-year basis.

On the other hand, the price of Russian Sokol decreased by $0.43 (-0.60 percent) to $71.47. Arab Light prices witnessed a decrease of $0.42 (-0.53 percent) to reach $78.65 a barrel. However, the price for Opec Basket increased to $78.28 a barrel with an uptick of $0.07 (+0.09 percent). The OPEC Reference Basket of Crudes (ORB) is made up of Saharan Blend, Girassol, Djeno, Zafiro, Rabi Light, Iran Heavy, Basra Light, Kuwait Export, Es Sider, Bonny Light, Arab Light, Murban and Merey.