An unusually large number of crude oil tankers on the open seas has the American Gulf coast as a destination as the ships are redirected to load cargoes bound for markets around the world already experiencing shortages.
Brent crude futures advanced $5.08, or 5.62 per cent, to $95.46 a barrel by 0418 GMT and US West Texas Intermediate was at $88.86 a barrel, up $5.01, or 5.97 per cent.
Curious Minds Corner
Which 1901 Texas gusher spewed oil for nine days, kickstarting the U.S. oil boom?
Spindletop near Beaumont, which shot 100,000 barrels daily at its peak, transforming Texas into an oil powerhouse.