Oil prices rose Thursday, with Brent crude hitting $105 per barrel for the first time since May, as traders brace for a more prolonged supply shock caused by the Iran war.

Oil prices surge as Brent nears $100 after Saudi energy attacks and Iran-US threats raise fears of supply disruptions through the Strait of Hormuz. | Business News

Experts warn that oil could exceed $120 per barrel if such attacks and reduced traffic in the Strait of Hormuz persist.

Traders in the financial markets reacted to tensions flaring up in the Middle East.