Economy

Oil Hits Six-Week Highs as Katz Warning Adds to Iran Supply Fears

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Courtroom-sketch editorial illustration of Israel Katz holding a sheet of paper while delivering remarks in a wood-paneled room beside an Israeli flag, drawn in warm ochre and slate-blue pastel with cross-hatching on sepia newsprint.

Brent crude futures rose $1.66, or 1.7%, to $97.29 a barrel at 12:00 GMT on Thursday, while U.S. West Texas Intermediate gained $2.03, or 2.2%, to $93.04. Both benchmarks reached fresh six-week highs and headed for a fourth consecutive daily gain. The rise came amid renewed U.S. strikes on Iran, tight inventories and fears of regional supply disruption. Defense Minister Israel Katz’s warning that an Iranian attack would prompt Israeli strikes on Iran’s military, civilian and energy infrastructure added to the price jump, according to Saxo Bank analyst Ole Hansen.

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