London: Oil prices settled more than 1 percent higher on Thursday, marking their strongest monthly performance since March as renewed tensions between the United States and Iran heightened concerns over global crude supplies. According to Qatar News Agency, Brent crude futures rose USD 1.09, or 1.2 percent, to settle at USD 90.12 a barrel, while U.S. West Texas Intermediate (WTI) crude futures gained USD 1.08, or 1.3 percent, to close at USD 84.67 a barrel. For the month, Brent crude advanced 24 percent, while WTI climbed 21 percent, marking the largest monthly gains for both benchmarks since March. Traders have been pricing in the mounting geopolitical risks and potential disruptions to global oil flows, contributing to the significant increase in oil prices.
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