Global crude oil prices surged as traders grew concerned about prolonged disruptions to supply. The move came after US President Donald Trump said the United States would continue its attacks on Iran in the coming weeks. On Thursday, West Texas Intermediate (WTI) crude futures soared 11.4 per cent, to close at 111 US dollars and 54 cents per barrel. Brent crude futures rallied about 7.8 per cent, to settle at 109 US dollars and three cents per barrel. Over the week, WTI climbed almost 12 per cent, while Brent fell over three per cent.
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