Oil Prices Jump 5% as Concerns Mount over Wider Conflict in Middle East

Oil prices jumped on Thursday as concerns mounted that a widening conflict in the Middle East, with its main crude producers, could threaten global supplies.

Market fears are growing that Israel could target Iranian oil infrastructure, which raises the possibility of Iran responding.

Brent crude futures were up  4.86% to $77.49 a barrel, while U.S. West Texas Intermediate (WTI) futures were up 5.11% to $73.68.

Brent hit an intraday high of $77.65 a barrel, their highest since Aug. 30, while WTI hit a session high of $73.95 a barrel, their highest in a month.

Also, U.S. gasoline futures jumped more than 5% during trading.

Latest Oil Prices

WTI Crude • 73.76 +0.05 +0.07%

Brent Crude • 77.64 +0.02 +0.03%

Murban Crude • 77.61 +0.13 +0.17%

Louisiana Light • 73.14 +0.13 +0.18%

Bonny Light • 78.62 -2.30 -2.84%

Mars US • 75.14 -1.33 -1.74%

Gasoline • 2.100 +0.007 +0.34%

Natural Gas • 2.959 -0.011 -0.37%