Oil prices continued to climb on August 7, extending strong gains from the previous trading session as investors reacted to concerns over a potential escalation of tensions in the Middle East.
As of 09:10 Baku time, Brent crude futures for October delivery were trading at $83.73 per barrel on the ICE Futures exchange in London, up $1.24, or 1.5%, from the previous close. On August 6, Brent prices surged $3.04, or 3.83%, to settle at $82.49 per barrel, Russian media reports.
Meanwhile, U.S. West Texas Intermediate (WTI) crude futures for September delivery rose $0.95, or 1.23%, to $78.24 per barrel in electronic trading on the New York Mercantile Exchange (NYMEX).
WTI had gained $2.07, or 2.75%, to close at $77.29 per barrel in the previous session.
The latest price increases reflect growing market concerns that renewed instability in the Middle East could disrupt global oil supplies.
By Sabina Mammadli
