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Oil prices climbed after Iran threatened to respond to the latest United States military strikes, lifting both of the world's major crude benchmarks.
Brent crude futures, the contract that sets the international price reference for oil, gained 1.5% to $92.10 a barrel. West Texas Intermediate futures, the American pricing standard, advanced 0.9% to $85.23 per barrel.
Why the two benchmarks moved differently A crude oil "benchmark" is the price that buyers and sellers around the world use as their starting point in any deal.
Without one, every transaction would require separate price negotiation from scratch. Brent and WTI are the two that matter most.
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