Brent oil prices exceed $116

ISTANBUL

Amid escalating tension in the Middle East, the price of Brent crude oil exceeded $116 per barrel on Thursday.

As of 0900GMT, the price of Brent crude futures soared by around 8.5% following Iran's attacks on Qatar’s energy plants on Wednesday.

Brent crude futures have gone up by over 50% since the start of the war on Iran on 28 February, related to the closure of the Strait of Hormuz, which is an important route for the global energy trade.

Israel struck the Aseluye oil refinery on the coast of the Persian Gulf in southern Iran, as well as refineries linked to the South Pars natural gas field, heightening supply concerns in the region.

Following the targeting of its oil refineries, Iran announced that it would strike US-linked oil facilities in Saudi Arabia, the UAE, and Qatar and issued an evacuation warning for the oil facilities and their surrounding areas.