US Attacks on Iran Send Oil Prices Soaring in Volatile Trade

Brent crude prices surged more than $1 a barrel on Thursday in a volatile session as investors weighed escalating US attacks on Iran against hopes for a resolution that may resume shipping in the Strait of Hormuz.

The price climb came despite earlier losses, with Brent futures rising 1.63% to $92.22 a barrel and US West Texas Intermediate (WTI) crude gaining 0.51% to $84.89 a barrel.

Vandana Hari, founder of oil market analysis provider Vanda Insights, said Europe was 'waking up' to the news of the US attacks, leading to buying activity.

However, analysts pointed out that investor focus had shifted from the immediate impact of the attacks to the potential for a diplomatic breakthrough and the volume of oil exiting key chokepoints.