REUTERS/US Coast Guard
- Oil prices climbed on Thursday after Saudi Arabia closed a strategic shipping lane.
- The world’s largest oil producer closed the Bab al-Mandeb Strait after two large oil tankers were attacked by Iranian backed Houthi fighters with one sustaining minimal damage.
- Brent crude oil futures rose 0.6% to $74.35 per barrel on Thursday at 6 48 GMT and US oil reserves fell to a three and a half year low, Reuters reported.
Oil prices were driven higher for the third consecutive day on Thursday, after Saudi Arabia closed a strategic shipping lane in the Red Sea following an attack on two of its large oil-tankers by Iranian backed Houthi fighters.
Brent crude oil futures rose 0.6% to $74.35 per barrel on Thursday at 6 48 GMT, after a gain of 0.7% on Thursday, and US oil reserves fell to a three and a half year low, Reuters reported.
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