London, March 12 (QNA) - Oil prices surged sharply on Thursday amid rising military tensions in the Middle East, affecting crude flows through Strait of Hormuz.

Brent crude futures jumped USD 5.95, or 6.47 percent, to USD 97.93 per barrel after briefly surpassing USD 100 per barrel earlier in trading. US West Texas Intermediate (WTI) crude rose USD 5.25, or six percent, to USD 92.50 per barrel.

Brent reached USD 119.50 per barrel last Monday, its highest level since mid-2022, before falling after US President Donald Trump said a war with Iran could end quickly. (QNA)