Oil rises above $102 as Iran tensions stoke supply fears

Brent crude futures gained 0.88 per cent on Thursday to trade at $102.42 a barrel, according to Mettis Global figures. The move came as worsening Middle East tensions raised worries that crude flows from the region could be interrupted. West Texas Intermediate was lower, down $0.36, or 0.40 per cent, at $89.93 a barrel by 10:06 am PST.

NBC News reported that Washington is considering renewed large-scale action against Iran, possibly including strikes before next month's midterm elections, in the weeks ahead. Separately, Iran-backed Houthis have recently struck airports in Saudi Arabia, while Iranian attacks on tankers have been reported in the Strait of Hormuz.

Inki Cho, a financial markets consultant, said crude will probably stay linked to security along Gulf export routes and infrastructure. He added that disruption to Hormuz traffic or damage to Saudi energy facilities could tighten physical supply and lift prices, according to CNBC.