Oil prices rise over $3 a barrel

Oil prices jumped on Thursday because people are worried that growing conflict in the Middle East could affect global oil supplies.

Brent crude rose by $3.72, or 5.03%, to $77.62 a barrel. U.S. West Texas Intermediate (WTI) crude increased by $3.61, or 5.15%, to $73.71. Both reached their highest prices in a month.

Concerns are growing that Israel might attack Iranian oil facilities, which could lead to retaliation. When asked if he would support such actions, U.S. President Joe Biden said they are “discussing that,” but added, “Nothing is going to happen today.”