BEIJING – U.S. crude futures rose by $2.17, or 2.48 percent, to $89.53 a barrel, while Brent crude futures climbed $1.93, or 2.12 percent, to $93.05 a barrel.
The escalation, which came shortly after the United States hosted Israeli-Lebanese talks in Washington last Friday, has reduced expectations that the United States and Iran will soon announce an extension of their ceasefire agreement.
Supply concerns overshadowed weak economic data from China released earlier this week, which showed a slowdown in manufacturing activity. This has raised fears that the world’s second-largest economy is losing momentum amid shrinking exports and rising cost pressures.
