Ammon News - Oil prices surged ​more than 3% on Thursday, extending a rally as the escalating U.S.-Israeli war with Iran raised fears ‌of prolonged disruptions to vital Middle East oil and gas supplies.

Brent crude advanced $2.65, or 3.26%, to $83.99 per barrel by 0520 GMT, a fifth session of gains. U.S. West Texas Intermediate crude rose $2.76, or 3.70%, to $77.42.

Crude oil markets remained on edge as they face ongoing risks ​to supply following the attacks in the Middle East and concerns are centred on the flow of ​supply through the Strait of Hormuz, ANZ analysts said in a note on Thursday.

Iraq, the second-largest crude producer in the Organization of the Petroleum Exporting Countries, has cut output by nearly 1.5 million barrels a day for lack of storage and an export route, officials told Reuters.

Qatar, the biggest liquefied natural gas producer in the Gulf, declared force majeure on gas exports on ​Wednesday, with sources saying a ​return to normal production ⁠volumes may take at least a month.

Reuters