Oil prices up amid tight supply fears ‎

Oil prices rose by nearly a dollar a barrel on Thursday, after falling below key technical support levels in the previous session, as the energy standoff between European countries and Russia focused investor attention on expectations of tight fuel supplies.

Brent crude futures rose 91 cents, or 1%, to $88.91 a barrel by 0331 GMT, after closing at the lowest level since early February in the previous session.

According to “Reuters”, US crude futures increased 95 cents, or 1.2 percent, to $82.89 a barrel.

Prices received support from Russian President Vladimir Putin’s threat to halt the country’s oil and gas exports if European buyers impose a price ceiling.

The European Union proposed capping the price of Russian gas only hours later, raising the prospect of rationing supplies in some of the world’s richest countries this winter if Moscow carries out its threat. Russia’s Gazprom has already halted flows through the Nord Stream 1 pipeline, cutting off a significant portion of supplies to Europe.

They noted that the potential impact of any agreement or the reinstatement of an agreement between the West and Iran on Tehran’s nuclear program would also be significant. The agreement will lead to the lifting of sanctions on Iranian oil exports.