Oil prices surge on renewed tensions with Iran as US crude inventories rise

In depth

The price of a Brent barrel briefly fell to $89 during the past two days. It then rose to $96, amid renewed tensions with Iran and remarks by US President Donald Trump.

Over the past day, oil prices recorded a sharp rise following Trump's latest statements and the possibility of renewed war with Iran.

Meanwhile, it was reported that US commercial crude inventories rose by 4.7 million barrels to 414.4 million barrels, instead of the drop of about 0.7 million barrels the market had expected. Gasoline and diesel stocks also grew. Brent rose about 2% and West Texas returned to about $88 a barrel.