LONDON: World oil prices surged on Friday as the appointment of ultra-hawkish John Bolton as US national security advisor sparked fears over crude exports from key Opec producer Iran.

The market also jumped on the back of the faltering greenback, which makes dollar-denominated oil cheaper for buyers using stronger currencies. In late afternoon deals, European benchmark Brent North Sea crude for May delivery traded near two-month highs, soaring $1.24 to $70.15 a barrel compared with Thursday’s close.

US benchmark West Texas Intermediate for the same month meanwhile rebounded $1.21 to $65.51 per barrel.“Oil prices are getting a tail wind from a weaker US dollar (and) the appointment of John Bolton as Trump’s new National Security Advisor,” CMC Markets analyst Michael Hewson told AFP.

Published in Dawn, March 24th, 2018