Oil prices jumped by more than $1 a barrel on Friday after it was reported that eight foreigners working on a drilling rig off the coast of Nigeria had been kidnapped, reigniting concerns about the stability of supplies flowing from the oil-rich African nation.
Analysts said anxiety over Iran’s nuclear ambitions continued to support crude futures. U.S. data showing gasoline demand on the rise at the start of the summer driving season and a refinery snag in Texas also added strength to the rally.
Light sweet crude for July delivery on the New York Mercantile Exchange rose $1.26 to $71.60 a barrel. In London, Brent crude traded on the ICE Futures exchange gained 50 cents to $69.89 per barrel.
