Oil Prices Surge as US-Iran Tensions Escalate

Oil prices surged on Thursday as tensions in the Middle East escalated following renewed US-Iran hostilities.

The Brent crude futures rose by $1.66, or 1.7%, to $97.29 a barrel, while U.S. West Texas Intermediate crude futures climbed $2.03, or 2.2%, to $93.04.

This marked the fourth consecutive day of gains for both contracts, which had earlier hit six-week highs.

The increase in oil prices can be attributed to several factors, including ongoing tensions between the US and Iran, as well as Israeli Defense Minister Israel Katz's warnings that Israel would 'cripple' Iran's military and civilian infrastructure if Tehran launched attacks against it.

Saxo Bank analyst Ole Hansen said Katz's comments may have contributed to the rise in oil prices.