WASHINGTON (dpa-AFX) - Oil prices climbed around 2 percent on Thursday as an escalation in geopolitical tensions raised the prospect of possible disruption to supplies of crude.
Benchmark Brent crude futures jumped 1.9 percent to $76.35 a barrel in European trade, while WTI crude futures were up 2 percent at $72.19.
Oil prices have gained about 5 percent this week, after having fallen more than 7 percent the previous week on China demand worries and concerns of oversupply.
Middle East tensions persist, with Israel launching strikes on the Syrian capital Damascus and a military site near the western city of Homs early Thursday, causing casualties.
Elsewhere, North Korea has allegedly sent troops to support Russia's war on Ukraine, marking a significant escalation in Russia's war against its neighbor.
'If they are co-belligerents, if their intention is to participate in this war on Russia's behalf, that is a very, very serious issue,' United States defense secretary Lloyd Austin said.
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