Oil Prices Spike on Renewed West Asia Tensions

Oil prices surged to fresh six-week highs on renewed tensions in West Asia after US strikes on Iran and Israeli threats against Tehran.

Brent crude futures rose by $1.76, or 1.8%, to $97.39 a barrel, while US West Texas Intermediate crude futures increased by $1.91, or 2.1%, to $92.92.

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.

Iran's health minister reported 18 people killed and 108 wounded in Tuesday night's US strikes across Iran, while the Iranian Red Crescent said four people were killed and 67 wounded at a wedding ceremony near the Strait of Hormuz.