ISLAMABAD: Crude oil prices surged for the third straight day on Thursday as the Middle East supply fears are back in focus after an oil tanker was boarded by an armed group in Oman, raising the prospect of escalating conflict in the area. As of 1300 hours GMT, Brent, the international benchmark for two-thirds of the world’s oil, gained $1.48 (+1.93 percent) to reach $78.28 a barrel. Similarly, the West Texas Intermediate (WTI), the main oil benchmark for North America, went up by $1.48 (+2.07 percent) to $72.85 a barrel. Brent ended last week higher by 2.23 percent, while WTI closed the week up by 3.01 percent. Both benchmarks shed more than 10 percent in 2023 on a year-on-year basis. On the other hand, the price of Russian Sokol decreased by $0.43 (-0.60 percent) to $71.47. Arab Light prices witnessed a decrease of $0.42 (-0.53 percent) to reach $78.65 a barrel. TLTP
