Oil climbs as renewed US strikes on Iran erode pace hopes

Beijing: Oil prices advanced on Thursday following fresh US strikes against Iran, dimming hopes for an end to the conflict.

Brent crude futures climbed 78 cents, or 1 percent, to $78.80 per barrel, while West Texas Intermediate crude futures gained 74 cents, or 1.01 percent, to settle at $74.26 per barrel.

Both benchmarks had surged by more than a dollar in after-hours trading on Wednesday following the onset of new US military strikes against Iran.

Prior to that, the two benchmark crudes had settled at their highest levels in more than two weeks.