LONDON—Crude prices firmed on Tuesday, extending sharp gains from the previous session amid supply disruption risks from Iraqi Kurdistan and hopes that turmoil in banking is being contained.
Brent crude futures gained 61 cents, 0.8 percent, to $78.73 a barrel by 1006 GMT. West Texas Intermediate U.S. crude was up 53 cents, or 0.7 percent, to $73.34 a barrel.
Prices rallied over $3 on Monday after Iraq was forced to halt exports of around 450,000 barrels per day from its northern Kurdistan region through Turkey, following an arbitration decision that confirmed Baghdad’s consent was needed to ship the oil.
Monday’s announcement that First Citizens BancShares Inc. will acquire deposits and loans of failed Silicon Valley Bank spurred optimism about the banking sector and sent European bank shares higher….