Global oil prices climbed sharply on Thursday, with Brent crude futures rising 3.7 percent to as high as $98.88 per barrel, the highest level in nearly two months and close to the $100 mark last seen in May. The move followed confirmation from U.S. Central Command that American forces had carried out a twelfth consecutive night of strikes on Iranian military targets, disrupting key Middle Eastern maritime routes and rattling energy markets. The operations, ordered by President Donald Trump, included attacks on maritime capabilities, missile and drone storage, coastal surveillance sites, and air defenses, and coincided with renewed concerns over U.S. inflation and stock market weakness.

Prepared by Christopher Adams and reviewed by editorial team.