Oil jumps 5pc on supply concerns

Oil prices rose on Thursday with all eyes on key producing countries in the Middle East and mounting concerns that a widening regional conflict could pose a threat to global crude flows. Brent crude futures were up $3.59, or 4.86 per cent, at $77.49 a barrel by 1:08 p.m. EDT. US West Texas Intermediate crude futures rose $3.58, or 5.11pc, to $73.68. Meanwhile, US gasoline futures gained more than 5pc during the session. Brent futures reached an intraday high of $77.65 per barrel, the strongest since Aug. 30, while WTI futures peaked at $73.95 per barrel, a one-month high. Market fears are mounting over the possibility that Israel might target Iranian oil infrastructure, raising the spectre of retaliation from Iran.