Oil surges; Brent back at $100 as Iran steps up attacks on Gulf shipping

BEIJING/SINGAPORE: Oil prices jumped on Thursday as Iran stepped up attacks on oil and transport facilities across the Middle East, raising fears of a prolonged conflict and oil-flow disruptions through the Strait of Hormuz. Brent futures rose $8.54, or 9.28 percent, to $100.52 a barrel at 06:54 a.m. Saudi time, while US West Texas Intermediate crude was up $7.22, or 8.28 percent, to $94.47. 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.

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