Oil Prices Rise More Than 3% on Renewed Supply Concerns

Oil prices closed Thursday’s session more than 3% higher, reaching their highest level in a week amid renewed concerns over global supply disruptions.

Brent crude futures settled $3.52 higher, or 3.4%, at $106.60 a barrel. U.S. West Texas Intermediate (WTI) crude futures also gained $2.45, or 2.7%, to settle at $94.61 a barrel, after both benchmarks rose nearly 5% during the session.

Brent recorded its highest settlement since September 15, while WTI ended a six-session losing streak during which it had fallen by around 13%.