Middle East Tensions Send Oil Prices Soaring

Oil prices surged to fresh six-week highs on Thursday as renewed Middle East tensions escalated. The Brent crude futures rose $1.76, or 1.8%, to $97.39 a barrel, while US West Texas Intermediate crude futures increased by $1.91, or 2.1%, to $92.92.

The latest jump in oil prices was fueled by the most significant exchange of fire between the US and Iran since July, with the war now in its seventh month. The US strikes across Iran on Tuesday night killed eight people and injured 108, according to Iran's health minister.

Israeli Defence Minister Israel Katz warned that Israel would 'cripple' Iran's military and civilian infrastructure, including energy facilities, if Tehran launched attacks against it.