Oil prices rose on Thursday, with benchmark Brent rising as much as $5 a barrel, after US and Israel have launched fresh illegitimate strikes on Iran’s energy hub and in aggressive and massive retaliation Iran attacked energy facilities across the Middle East from there US and Israel launched attack on Iran. Brent futures were up $4.66, or 4.3%, at $112.04 a barrel by 0400 GMT, after an earlier rise of more than $5 to $112.86 a barrel. US West Texas Intermediate crude rose 96 cents, or 1%, ?to $97.28 a barrel, after having risen over $3.

Brent closed up 3.8% on Wednesday, while WTI settled nearly flat. WTI has been ?trading at its widest discount to Brent in 11 years due to releases from U.S. strategic reserves ?and higher freight costs, while renewed attacks on Middle Eastern energy facilities boosted support for Brent “Escalation in the Middle East, precise ?attacks on oil infrastructure, and the death of Iranian leadership all point to a prolonged disruption in oil supplies,” Phillip Nova analyst ?Priyanka Sachdeva said in a note.

“Adding fuel to the fire, the Federal Reserve served ‘steady rates’ with a hawkish narrative, pointing to the economic concerns that follow a war.” The US central bank held interest rates steady on Wednesday, projecting higher inflation as policymakers take stock of the impact of the US-Israel war ?with Iran. On Wednesday, QatarEnergy said Iranian missile attacks on Ras Laffan, the site of Qatar’s core LNG processing operations, caused “extensive damage” to ?its energy hub.

Saudi Arabia said it intercepted and destroyed four ballistic missiles launched on Wednesday toward Riyadh and an attempted drone attack on a gas ?facility. Iran issued ?evacuation warnings before its attacks for several oil facilities across Saudi Arabia, the UAE and Qatar, as it prepared to retaliate for strikes on its own energy infrastructure in South Pars and Asaluyeh.

Credit: Independent News Pakistan (INP)