Oil Prices Soar as Inflation Fears Mount Ahead of ECB Rate Decision

Oil prices rose further on Thursday, driven by resurgent Middle East hostilities and concerns about high inflation.

The European Central Bank's decision to raise interest rates this afternoon will be a key factor for investors, with ECB chief Christine Lagarde set to comment on the prospect of further hikes.

Brent North Sea crude traded near $102 a barrel, having surpassed $100 on Wednesday for the first time since late July, while Brent North Sea crude rose 0.6 percent and West Texas Intermediate rose 1.3 percent.

Nintendo shares sank almost five percent following an online showcase of coming games, with analyst Serkan Toto calling it 'very underwhelming', saying that Nintendo has now 'shown everything they have' for this calendar year.