Oil Prices Spike on Renewed Middle East Tensions
Oil prices surged to fresh six-week highs on Thursday after renewed tensions in the Middle East. Brent crude futures rose $1.66, or 1.7%, to $97.29 a barrel, while U.S. West Texas Intermediate crude futures jumped $2.03, or 2.2%, to $93.04.
The price increase was driven by new US strikes on Iran and Israeli threats against Tehran, which heightened concerns about disruptions to Middle East supplies. The latest attacks marked the most substantial exchange of fire between the US and Iran since July, with the war now in its seventh month.
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. Saxo Bank analyst Ole Hansen attributed the latest jump in oil prices to Katz's comments.