Oil Prices Soar Above $119/Barrel Amid Middle East Conflict

Oil prices surged above $119 a barrel on Thursday after Iran launched missile attacks on energy facilities across the Middle East, including those in Qatar, Saudi Arabia, and Kuwait. The Brent premium over WTI is widening as Brent futures rose by $7.39, or 6.9%, to $114.77 a barrel by 1026 GMT.

Earlier, Brent had climbed more than $10 to a high of $119.13, close to the three-and-a-half-year peak touched on March 9. In contrast, U.S. West Texas Intermediate crude was up only 27 cents, or 0.3%, at $96.59 a barrel.

The attacks have caused extensive damage to Qatar's core LNG plants in Ras Laffan and disrupted oil loadings at the Saudi Arabian port of Yanbu. The U.S. central bank held interest rates steady on Wednesday, projecting higher inflation as policymakers take stock of the impact of the war.