US Crude Futures Surge to $105.50 Following Intraday High of $110.93 Per Barrel
US Crude Oil Prices React to Ongoing Iran Conflict
Opening Surge and Intraday Highs
MELBOURNE, May 1 (Reuters) - U.S. West Texas Intermediate crude rose 41 cents or 0.43% on open to $105.50 a barrel, after a prior intraday Thursday high of $110.93 a barrel after uncertainty on the direction of the U.S. war against Iran persisted.
Closing Prices and Recent Highs
WTI closed down $1.81, or 1.69%, at $105.07, but earlier reached its highest point since April 7.
Market Outlook and Global Supply Concerns
It is on track for its fourth month of gains, alongside benchmark Brent, reflecting fears the Iran conflict could choke global oil supplies for months to come.
Reporting Credits
(Reporting by Helen Clark; Editing by Chris Reese)
