Oil prices gain 3% on supply concerns after oilfield shutdown in Libya

Oil prices climbed about 3% on Wednesday after a disruption at Libya’s top oilfield added to fears that tensions in the Middle East could reduce global oil supplies.

Brent futures rose $2.44, or 3.2%, to $78.33 a barrel by 11:06 a.m. EST (1606 GMT), while U.S. West Texas Intermediate (WTI) crude rose $2.45, or 3.5%, to $72.83.

That put both benchmarks up for the first time in five days and on track to rise by the most in a day since mid-November.