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West Texas Intermediate oil futures rallied overnight to tally a fifth straight session of gains as airstrikes in Yemen continued to boost concerns over crude supplies in the Middle East.
U.S. crude for May delivery jumped 4.5% to US$51.43 a barrel.
Traders priced in concerns that regional instability could disrupt supplies through a key shipping channel near Yemen which is estimated to carry almost 4mln barrels per day.
Previously this week the market had been focussed on America’s overflowing oil market as weekly oil stockpile figures from the Department of Energy revealed an 8.2mln barrel increase in the surplus exceeding market forecasts of around 5mln barrels.
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