Oil prices spike as Iran targets Middle East energy infrastructure

Oil prices rose sharply on Thursday as Iran stepped up attacks on oil and transport facilities across the Middle East, fuelling concerns of a prolonged conflict and potential disruptions to oil flows through the Strait of Hormuz.

Brent futures climbed $5.95, or 6.47 per cent, to $97.93 a barrel at 09:15 GMT, having hit $100 per barrel in earlier trading, while US West Texas Intermediate crude was up $5.25, or six per cent, to $92.50.

Brent hit $119.50 a barrel on Monday, its highest since mid-2022, then dropped after US President Donald Trump said the Iran war could be over soon.