Oil Prices Hit $112 as Iran Expands Strikes on Gulf Energy Sites

Oil prices climbed sharply in early Asian trading on Thursday as the Middle East conflict continued to escalate and energy infrastructure was targeted across the Gulf. At the time of writing, Brent crude had climbed to $112.00, up 4.27%, while West Texas Intermediate had risen 2.73% to $98.95. The latest price spike came after Iran targeted energy infrastructure across the Middle East in retaliation for earlier strikes on its South Pars gas field. Qatar confirmed that Iranian missile strikes had caused “extensive damage” around…