Oil prices rose on Thursday as Middle East and Russia-related tensions offset rising crude output. Brent gained 1.23% to $93.90 a barrel and U.S. crude rose 0.81% to $87.23, though both contracts were headed for weekly declines.
Brent futures rose $1.14, or 1.23%, to $93.90 a barrel, while U.S. West Texas Intermediate crude gained 70 cents, or 0.81%, to $87.23. Both contracts had fallen more than $1 a barrel in early Asian trading and were still headed for weekly declines.
Prices rose after President Donald Trump wrote on social media that the United States did not need a deal with Iran. Iran's Revolutionary Guards Navy said two oil supertankers were disabled by explosions after hitting naval mines in the Strait of Hormuz. Iranian security chief Mohsen Rezaei said Iran would not allow enriched nuclear material to leave the country.
OPEC+ crude production rose in October, driven by higher Saudi Arabian output despite shipping disruptions through the strait. Market participants were also watching for U.S. Energy Information Administration oil and products stocks data, due Thursday after a one-day delay.
