(RTTNews) - Oil prices soared on Thursday, extending gains from the previous session amid tanker attacks in Iraqi waters, strikes across Lebanon, and growing fears of prolonged economic disruption.
Brent crude prices last traded up nearly 7 percent at $98.23 a barrel after surging past $100 a barrel early in the day. WTI crude futures were up 6 percent at $92.42 after hitting a high of $95.96 earlier.
As the U.S. campaign of airstrikes in Iran entered its 13th day, there were no signs the conflict was subsiding.
Iran has targeted oil fields and refineries in Gulf Arab nations and effectively stopped cargo traffic through the narrow Strait of Hormuz in a bid to exert pressure on the United States and Isreal to end the war.
Two tankers believed to have involved in an STS transfer operation have been struck in Iraqi waters, prompting the nation's oil terminals to suspend operations and posing a threat to the safety of maritime navigation and oil activities in Iraqi territorial water.
Oman has since shifted all vessels ?out of its main oil export terminal at Mina ?Al Fahal, which avoids the Strait of Hormuz.
The terminal has been one of the last places for oil tankers to load Persian Gulf crude for global markets.
Iran has said the world should be ready for oil at $200 per barrel if the conflict and shipping disruptions intensify.
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