Oil Prices Soar on Middle East Escalation Amid US-Iran Tensions

Oil prices rose on Thursday after U.S. strikes on Iran and renewed Israeli threats against Tehran sparked concerns about disruption to Middle East supplies.

The attacks, which killed at least 18 people and wounded 108, were the most substantial exchange of fire between the United States and Iran since July.

Israeli Defence Minister Israel Katz warned that Israel would 'cripple' Iran's military and civilian infrastructure, including energy facilities, if Tehran launched attacks against it, helping to push oil prices higher.

Russian President Vladimir Putin's comments indicating openness to peace negotiations with Ukraine also contributed to the increase in oil prices, as they could help ease concerns about Russian fuel supply disruptions.