Oil settles up 9% as Iran vows to keep Strait of Hormuz closed

Brent futures settled at US$100.46 a barrel, up US$8.48, or 9.2%, after touching a session high of US$101.60. US West Texas Intermediate crude settled at US$95.70, up US$8.48 or 9.7%.

NEW YORK: Oil prices settled up about 9% on Thursday, attheir highest in nearly four years, as Iran stepped up attacks on oil and transport facilities across the Middle East, and the country's supreme leader vowed to keep the vital Strait of Hormuz shut.

Brent futures settled at US$100.46 a barrel, up US$8.48, or 9.2%, after touching a session high of US$101.60. US West Texas Intermediate crude settled at US$95.70, up US$8.48 or 9.7%. Both contracts settled at their highest since August 2022.