WASHINGTON (dpa-AFX) - Crude oil prices rose sharply on Thursday, gaining for a fourth straight session, as escalating tensions in the Middle East raised concerns about potential trade and supply disruptions.
Middle East tensions persist as Israel has rejected a ceasefire offer from Hamas. According to reports, Israely forces attacked the southern border city of Rafah today after Prime Minister Benjamin Netanyahu rejected a ceasefire proposal.
West Texas Intermediate Crude oil futures for March ended higher by $2.36 or about 2.1% at $76.22 a barrel.
Brent crude futures were up $2.65 or 3.33% at $81.86 a barrel a little while ago.
The U.S. killed a senior leader of the militant group Kata'ib Hezbollah on Wednesday in a drone strike in Baghdad, responding to attacks on American troops.
Supply concerns have risen following a report from the U.S. Energy Department that forecast domestic crude production will grow slower than originally expected this year.
Data released by the Energy Information Administration (EIA) on Wednesday showed a notable drop in gasoline stockpiles in the U.S. in the week ended February 2nd.
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