Oil Prices Rise as US Strikes and Israeli Threats Revive Middle East Supply Concerns

Oil prices rose on Thursday after US strikes on Iran and renewed Israeli threats against Tehran revived concerns about disruptions to Middle East supplies.

Brent crude futures were up 59 cents, or 0.62 per cent, at $96.22 a barrel by 1327 GMT while U.S. West Texas Intermediate crude futures rose 78 cents, or 0.86 per cent, to $91.79.

The US strikes on Tuesday night killed 18 people and wounded 108 in Iran, with the Iranian Red Crescent reporting four deaths and 67 injuries at a wedding ceremony near the Strait of Hormuz.

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