Brent crude rose 5.8% to $109.51, while US West Texas Intermediate gained 2.7% to $98.09, News.az reports, citing Telegraph.
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The move followed reports that facilities at Iran’s South Pars field had been targeted, prompting strong condemnation from Qatar, which called the strike “dangerous and irresponsible” amid rising regional tensions.
Iran’s Revolutionary Guard also warned it could target energy infrastructure in countries including Saudi Arabia, the United Arab Emirates and Qatar, raising fears of wider disruption.
The escalation comes as the Strait of Hormuz remains effectively closed, threatening a key route for global oil supplies and adding further pressure to prices.
Efforts to resume oil exports through Iraq and Türkiye offered limited relief, but markets remain focused on the risk of prolonged supply disruptions.
The surge in oil prices is already feeding into higher fuel costs, particularly in the United States, and could complicate efforts by central banks to control inflation.
The US government has temporarily waived shipping restrictions to ease supply pressures, while investors are closely watching the Federal Reserve for signals on how rising energy prices could affect interest rate decisions.
