Oil extends gains on Middle East supply worries

Oil rose by about 1% on Thursday, extending gains on concerns over Middle Eastern supply after disruptions at an oilfield in Libya and heightened tensions relating to the Israel-Hamas war.

Local protests forced a production shutdown on Wednesday at Libya’s Sharara oilfield, which can produce up to 300,000 barrels per day (bpd). The field, one of Libya’s largest, has been a frequent target for political protests.