Oil Prices Surge as Middle East Tensions Escalate

Oil prices climbed by more than 1% on Thursday, almost reversing previous session's losses, as Middle East tensions came back into focus ahead of the US election.

Brent crude futures rose 95 cents, or 1.27% to $75.91, while US West Texas Intermediate crude futures climbed $1, or 1.41%, to $71.77 amid concerns about supplies.

Oil prices have gained nearly 4% so far this week, helping trim last week's losses of than 7% on worries about Chinese demand and easing concerns about potential supply disruptions from the Middle East. 

(QNA)