Supply concerns drive oil prices up more than 5 percent

Oil prices jumped, at the end of Thursday's trading, with attention focused on major crude producers in the Middle East and growing concerns that the expansion of the conflict in the region could pose a threat to global supplies. Brent crude futures rose $3.72, or 5.03 percent, to $77.62 a barrel. West Texas Intermediate crude futures rose $3.61, or 5.15 percent, to $73.71. Brent crude futures reached their highest level during the day at $77.89 a barrel, while West Texas Intermediate crude futures peaked at $73.97 a barrel, both reaching their highest levels in a month. Market fears are growing that Israel could target Iranian oil infrastructure, which also raises the possibility of an Iranian response. Source: National Iraqi News Agency