Oil surged back past $100 a barrel on Thursday after a new wave of attacks on energy infrastructure in the Gulf reignited fears of prolonged disruption to global supplies.
In a sign of the heightened volatility in energy markets, Brent crude, the international benchmark, shot up as much as 10 per cent to $101.59 a barrel while gas prices rose 8 per cent in Europe.
As the war entered its 13th day, two oil tankers were on fire off the coast of Basra in Iraq following suspected Iranian strikes and a container vessel was struck near Dubai’s Jebel Ali.
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