Oil prices climb on Middle East tension, supply concerns

International oil prices rose on Thursday amid market concerns over escalating U.S.-Iran tensions and heightened risks to shipping through the Strait of Hormuz, compounded by disruptions to global refined fuel supplies.

According to The Wall Street Journal on Thursday, the United States is sending a third aircraft carrier strike group and up to 10,000 extra troops to the Middle East.

The West Texas Intermediate (WTI) for November delivery rose 2.45 U.S. dollars, or 2.71 percent, to settle at 92.87 dollars a barrel on the New York Mercantile Exchange. Brent crude for December delivery gained 4.28 dollars, or 4.37 percent, to settle at 102.31 dollars a barrel on the London ICE Futures Exchange.

Oil prices climb on Middle East tension, supply concerns

The U.S. dollar strengthened in late trading on Thursday.

The dollar index, which measures the greenback against six major peers, added 0.64 percent to 102.102 at 15:00 (1900 GMT).

In late New York trading, the euro was down to 1.1235 dollars from 1.1332 dollars in the previous session, and the British pound fell to 1.319 dollars from 1.3262 dollars in the previous session.

The U.S. dollar bought 158.11 Japanese yen, higher than 157.34 Japanese yen of the previous session. The U.S. dollar lost to 0.8317 Swiss francs from 0.8354 Swiss francs, and it rose to 1.4236 Canadian dollars from 1.4229 Canadian dollars. The U.S. dollar was up to 10.0597 Swedish kronor from 10.0103 Swedish kronor.

U.S. dollar ticks up