Oil prices rise for a fifth day as US-Iran hostilities threaten supply routes
XLE•US military strikes and Goldman outlook
The U.S. military said it had completed a 12th consecutive night of attacks on Iran, hours after U.S. President Donald Trump vowed to destroy an Iranian bridge or power plant every time Iran shoots at a ship in the Strait of Hormuz.
Goldman expects oil prices to retain most of their recent gains through July and August as global inventories continue to decline, supported by lower Middle East production, seasonal summer travel demand and a sharp slowdown in releases of strategic petroleum reserves.
Oil prices extend gains on supply disruption fears
Oil prices hit their highest in more than a month on Thursday, rising for a fifth day as escalating hostilities between the United States and Iran stoked fears of supply disruptions across oil transit routes.
Brent crude futures LCOc1 were up $3.80, or 4%, at $97.87 a barrel by 0744 GMT for their highest since June 3.
U.S. West Texas Intermediate crude CLc1 climbed $2.80, or 3.2%, at $89.63 after touching its highest since June 11.
