Iran's Missile Attacks Spark Oil Price Surge to $119 a Barrel

Oil prices surged above $119 a barrel on Thursday after Iran launched missile attacks against energy facilities in Qatar, Saudi Arabia, and Kuwait.

The Brent crude benchmark jumped by nearly $10 to a high of $119.13 before settling back down. This price spike brought it close to its three-and-a-half-year peak reached on March 9.

U.S. West Texas Intermediate crude also rose, but at a much slower pace, reaching almost $100 a barrel before settling back down to $96.59.