Oil prices rose on Thursday, and benchmark Brent crude jumped to its highest level in more than a week after Iran launched attacks on energy facilities across the Middle East following an attack on the South Pars gas field, in a major escalation of the U.S.-Israel war.
Reuters reported that Brent crude futures rose $6.97, or 6.5 percent, to $114.35 a barrel, after earlier increasing more than $7 to record their highest levels since March 9.
U.S. West Texas Intermediate crude rose $1.04, or 1.1 percent, to $97.36 a barrel after rising more than $3 to $100.02 a barrel.
This comes after Iran escalated its attacks and attacks on oil facilities in Saudi Arabia, the United Arab Emirates, and Kuwait, in response to the targeting of the main Pars gas field in southern Iran.