Oil climbed about 4 percent on Thursday as attacks on shipping in the Gulf and the Strait of Hormuz deepened supply fears, while a tropical storm threatens U.S. offshore production.
By 12:17 p.m., U.S. West Texas Intermediate (WTI) crude rose $3.47, or 3.9 percent, to $92.40. Brent crude futures had climbed $4.20, or 4.15 percent, to $105.41 a barrel.
Oil prices had settled lower on Wednesday after the International Energy Agency (IEA) said its members had agreed to speed up the release of emergency oil stocks and to prioritise diesel.
However, continuing threats to shipping in the Strait of Hormuz keep markets on edge.
At least 9 tankers reported being struck by unidentified projectiles since the beginning of October, according to the UK Maritime Trade Operations (UKMTO)….