International Benchmark Brent crude traded at $72.27 per barrel while American benchmark West Texas Intermediate (WTI) saw $67.08 at 10.06 GMT+3 on Thursday.
The price of Brent crude oil climbed above $73 per barrel on Wednesday as rising tensions in the Middle East continue to threaten secure supply of oil from the region to the rest of the world.
Tensions in the Middle East increased after U.S. President Donald Trump threatened Russia with the possibility of U.S. missiles in retaliation for supporting the Assad regime in Syria after the release of chemical weapons. On Twitter he wrote; 'Russia vows to shoot down any and all missiles fired at Syria. Get ready Russia, because they will be coming, nice and new and 'smart!''
Saudi Arabia, the world's biggest crude oil exporter, could also join the conflict as Crown Prince Mohammed bin Salman hinted Tuesday in France that the Kingdom could join forces with the U.S. and the U.K. to conduct a military operation in Syria.
Meanwhile, U.S. crude oil production last week surpassed 10.5 million barrels per day (bpd), according to the country's Energy Information Administration (EIA) data on Wednesday.
Crude oil output rose by 65,000 bpd for the week ending April 6 to reach 10.52 million bpd, the EIA data showed. This marked the 12th weekly increase in the U.S.' domestic crude production in the past 13 weeks.
In addition, the EIA revised up its forecast for crude oil prices for this year and the next, according to its Short-Term Energy Outlook report for April released Tuesday.
Brent crude is now expected to average $63 per barrel in 2018 and 2019, up $1 a barrel from the March report.
WTI is projected to average $59 a barrel this year and the next, again up $1 per barrel from the previous month's report.
By Gulsen Cagatay
Anadolu Agency
energy@aa.com.tr