Oil prices surged sharply on Thursday, driven by renewed concerns over oil supplies from the Middle East after Iran threatened to target Gulf oil and gas facilities in response to an attack on its main gas field.
Brent crude jumped 5.1% to $112.84 per barrel, while West Texas Intermediate (WTI) rose 2.5% to $98.69 per barrel in Asian trading.
The spike comes after Iran’s massive Pars gas field was attacked on Wednesday, marking a new escalation that threatens the stability of energy supplies in the region.
