Crude Jumps Above $90/Bbl on Mideast Tensions [View all]
By John M. Biers
Crude oil futures Thursday extended their rally of recent days, jumping above the $90 a barrel point on increased tensions in the Middle East.
Nymex front-month futures were trading at $91.48 a barrel, up $1.61. Brent futures were trading at $106.83 a barrel, up $1.67. Both commodities are trading at seven-week highs.
The rally - which marks the seventh straight day in which oil prices have risen - follows an eventful day in the critical Middle East region.
On Wednesday, Israel accused Iran of orchestrating a bombing attack at a resort in Bulgaria frequented by Israelis that killed at least six people and injured 30 others. Israeli Prime Minister Benjamin Netanyahu said Israel would "respond with force."