Oil Prices Soar Amid Renewed Middle East Tensions and US Strikes

Oil prices surged to fresh six-week highs on Thursday, fueled by renewed tensions in the Middle East. Brent crude futures rose $1.76 (1.8%) to $97.39 a barrel, while U.S. West Texas Intermediate crude futures increased $1.91 (2.1%) to $92.92.

The latest jump was attributed to the recent U.S. strikes on Iran and Israeli Defence Minister Israel Katz's warnings that Israel would 'cripple' Iran's military and civilian infrastructure, including energy facilities, if Tehran launched attacks against it.

Saxo Bank analyst Ole Hansen noted that Katz's comments had contributed to the latest rise in oil prices.