London — Oil prices rose on Thursday for the third day in a row as fears of supply disruptions amid heightened tensions in the Middle East overshadowed swelling US crude inventories. Brent crude futures were at $72.30 a barrel at 8.39am GMT, up 53 cents from their last close. Brent is heading for its biggest weekly rise in six weeks. US West Texas Intermediate (WTI) crude futures were at $62.49 per barrel, up 47 cents from their previous settlement. Oil was drawing support from the risk of conflict in the Middle East, with helicopters carrying US staff from the US embassy in Baghdad on Wednesday out of apparent concern about perceived threats from Iran. “Brent looks poised to breach the upper bound of its recent $70-$73 a barrel price range as bullish headlines from the Gulf continue worrying investors,” Citi said in a note. US crude oil inventories rising to their highest level since 2017 helped cap prices, but government data pointed to a lower boost to stocks than previously rele...
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