Oil Prices Soar on Fears of Escalating Middle East Conflict

Oil prices surged by over 4% on Thursday as investors grew increasingly concerned about further supply disruptions in the Middle East.

The Brent futures rose $4.77, or 4.7%, to $106.99 a barrel after hitting a session high of $107.84, while U.S. West Texas Intermediate crude futures gained $3.74, or 4.1%, to $94.06 a barrel.

The price jump was attributed to the ongoing conflict in the Middle East, which has nearly halted shipments through the Strait of Hormuz, a critical oil supply route.

Iran is reviewing a U.S. proposal to end the war but has no intention of holding talks, according to its foreign minister.