By Abimbola Ogunnaike
Amid geopolitical tensions, crude oil price surged further on Thursday,4 March, 2024 hitting $90.65 per barrel.
Brent crude futures for June settled up $1.30, or 1.5 per cent to $90.65 a barrel, while US West Texas Intermediate (WTI) futures for May settled up $1.16, or 1.4 per cent, to $86.59 a barrel.
Both contracts closed on Thursday, 4 April, 2024 at their highest levels since October last year, having received support in recent days from the heightened geopolitical tensions and potential supply risks.
The increment in oil prices comes following news reports that Israeli embassies across the US have been placed on high alert due to increasing threats of an Iranian attack on Israeli diplomats.
Recall that Iran has vowed revenge against Israel for an attack on Monday that killed high-ranking Iranian military personnel. Iran is the third-largest producer in OPEC.
In a sudden twist, Washington issued its strongest public rebuke toward Israel on Thursday since the start of its war with Hamas, warning that US policy on Gaza will be determined by whether Israel takes steps to address the safety of Palestinian civilians and aid workers.
Meanwhile, the US on Thursday imposed new Iran-related counter-terrorism sanctions against Oceanlink Maritime DMCC and its vessels, citing its role in shipping commodities on behalf of the Iranian military.