Oil prices leap to four-year high on fears of renewed US-Iran conflict

Brent crude prices jumped to a fresh four-year high on Thursday on concerns that the US-Iran war could worsen and lead to a protracted Middle East oil supply disruption that could hurt global economic growth.

Brent crude futures rose $4.28, or 3.63 per cent, to $122.31 a barrel as of 06:59 GMT, after touching an intraday high of $126.41, the loftiest since March 9, 2022. The front-month June contract, up for a ninth day, expires on Thursday. The more active July contract was at $112.49, up $2.05, or 1.86 per cent.

US West Texas Intermediate futures were up $1.46, or 1.37 per cent, at $108.34 a barrel, the highest since April 7, extending a seven per cent gain in the previous session.

Brent has more than doubled year to date and WTI was up around 90 per cent.