Oil prices surged in early Asian trading, with Brent crude rising 4% to $112 (£84.34) per barrel, while US benchmark crude gained 3% to reach $99.27.
The spike followed an attack on Iran’s South Pars gas facility, one of the largest natural gas fields in the world. In response, Iran reportedly struck a major liquefied natural gas export facility in Qatar, causing extensive damage and heightening concerns over global energy supplies.
Despite the latest increase, oil prices remain below earlier highs in the conflict, when crude nearly reached $120 per barrel, though they are still significantly higher than pre-war levels.
Meanwhile, Asian stock markets opened lower on Thursday. South Korea’s Kospi dropped 3%, Japan’s Nikkei 225 fell 2.8%, and Australia’s ASX 200 declined by 1.6%.
With inputs from BBC