Fresh tanker attacks in the Strait of Hormuz prompted the US Treasury Department to revoke a waiver allowing Iranian oil sales, and WTI crude jumped more than 5% on the news.
Oil prices fell in early trading on Friday but remained on track for weekly gains as the United States and Iran continued trading strikes.
Iraq will not leave OPEC, but is seeking a fair output quota within the oil producer group, Iraqi Prime Minister Ali al-Zaidi said in an interview with Saudi-owned Al Arabiya TV, according to his office.
Government bonds across Asia-Pacific fell in price terms as the continued rise in crude oil prices fueled concerns over elevated inflation.
Oil prices rose on Thursday after the U.S. launched fresh strikes against Iran, denting hopes for an end to the Iran war and for the full reopening of the Strait of Hormuz, a chokepoint for one-fifth of pre-war global oil supplies.
Oil rose in early Asian trade amid concerns over supply disruptions in the Middle East.
Oil prices rose more than a dollar a barrel in post-settlement trade on Wednesday after the U.S. military began launching fresh strikes on Iran.
U.S. crude oil inventories rose for the first time in 11 weeks, increasing by 3 million barrels, as production and imports increased and exports fell.
U.S. strikes on Iran and the revocation of Iranian oil sales licenses have driven crude oil up 6.3% to nearly $75/barrel. Allstate (ALL) faces a lawsuit from Oklahoma, alleging systematic underpayment and denial of legitimate storm-related insurance claims.
Oil prices rose in early European trade after the U.S. and Iran exchanged a fresh round of tit-for-tat strikes.
Malaysian palm oil futures rose on Wednesday, after the previous session's slight decline, supported by stronger rival edible oils and crude oil prices.
U.S. oil prices jumped nearly 3% in early trade on Wednesday, extending the previous session's gains, after the U.S. military launched a series of strikes against Iran, heightening concerns that a fragile truce was faltering.