Oil jumps 4% as strikes continue

Brent crude oil prices increased by 4%, reaching $112 (£84.34) a barrel during early trading in Asia. In the US market, oil prices also climbed by 3% to $99.27. This rise follows an attack on Iran's South Pars gas facility, one of the largest natural gas fields globally. In response, Iran targeted a key liquefied natural gas export facility in Qatar, resulting in "extensive damage" and raising worries about the worldwide energy supply. Although oil prices remain much higher than before the war, they are lower than the highs seen earlier in the conflict, when crude prices nearly reached $120 a barrel. Asian stock markets dropped in early trading on Thursday, with South Korea's Kospi down by 3%, Japan's Nikkei 225 index falling by 2.8%, and Australia’s ASX 200 declining by 1.6%.