Oil Prices Surge on US Strikes Against Iran and Israeli Threats

Oil prices rose on Thursday following U.S. strikes on Iran and renewed Israeli threats against Tehran, which revived concerns about disruption to Middle East supplies.

The Brent crude futures price was up 15 cents, or 0.16%, at $95.78 a barrel by 1:00 p.m. ET (1700 GMT), while U.S. West Texas Intermediate crude futures rose 63 cents, or 0.69%, to $91.64.

The attacks were the most substantial exchange of fire between the United States and Iran since July, with three Iranian Army pilots killed in the strikes.

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.