Oil Prices Surge Amid Escalating Tensions in Middle East

Oil prices surged on Thursday to their highest levels in over three months as tensions between the US, Iran, and Israel escalated. The Brent crude futures rose to $98.90 a barrel at 12:25 GMT, while US West Texas Intermediate crude futures climbed to $92.90 a barrel.

The increases were driven by concerns over potential disruptions to oil supplies from the Middle East following fresh strikes on Iran by the US and renewed threats by Israel against Tehran.

Iran's health minister reported eight people killed and 108 injured in the US attacks, while Israeli Defense Minister Israel Katz warned that Israel would seek to 'paralyze' Iran's military and civilian infrastructure if Tehran launches attacks against Israel.