Middle East Tensions Send Oil Prices Soaring to Six-Week Highs

Oil prices have surged to six-week highs as escalating tensions in the Middle East raise concerns about disruptions to crude supplies. The price of Brent crude rose $1.76, or 1.8%, to $97.39 a barrel by 3:25pm PKT on Thursday.

The increase comes amid renewed US strikes on Iran and Israeli threats of further action. Iranian health minister said eight people were killed and 108 wounded in the US strikes across the country on Tuesday night.

The conflict between the US and Iran has entered its seventh month, with tensions escalating after Israeli Defense Minister Israel Katz warned that Israel could target and 'cripple' Iran's military and civilian infrastructure, including energy facilities.

Shipping data showed that only six commodity vessels crossed the Strait of Hormuz on Wednesday, compared to 11 a day earlier and a 10-day average of around 13. This has raised concerns about the potential impact on global oil supplies.