Oil prices rose on Thursday, due to escalating fears related to lack of supplies amid the disruption of Russian exports, the possibility of major oil producers reducing production and the partial closure of a refinery in the United States.
Brent crude rose 59 cents, or 0.6%, to $101.81 a barrel, while West Texas Intermediate crude rose 42 cents, or 0.4%, to $95.31 a barrel.
The two crudes touched their highest levels in three weeks, yesterday, Wednesday, after the Saudi Energy Minister hinted at the possibility of reducing production by the (OPEC +) cartel, which includes the Organization of the Petroleum Exporting Countries (OPEC) and its allies, to support prices.
Discussions about the Iran nuclear deal are also still stalled, raising doubts about the resumption of Iranian oil exports.
In the United States, the world's largest oil consumer, BP announced the closure of some units of its Whiting refinery in Indiana after a fire caused by a short circuit on Wednesday.
The refinery, which operates with a capacity of 430,000 barrels per day, is a major supplier of fuel to the central United States and the city of Chicago.
Talks between the European Union, the United States and Iran to revive the nuclear deal are still ongoing, and Iran says it has received a response from the United States on the final text drafted by the European Union to revive the nuclear deal.
And sources in OPEC told Reuters that the (OPEC +) production cut will likely coincide with the return of Iranian oil to the market if Tehran concludes a nuclear agreement with world powers.
