War fuels US crude oil futures rise, now settling at US$80.06

KUALA LUMPUR, Aug 13 — Middle East tensions have pushed up oil prices, jumping by more than 3 per cent overall.

With an Iran attack on Israel likely on the horizon, crude supplies could be threatened. The ongoing conflict in Gaza as well as its spillover into Lebanon has created challenges not just for oil supplies but logistics and airlines, the latter having to take longer and more expensive routes.

US crude ended at US$80.06 (RM356.51) yesterday, up 4.2 per cent, with Brent futures also up at US$82.30, 3.3 per cent higher.