NEW YORK: Oil prices soared about 8 per cent to their highest since July 2024 on Tuesday, rising for a third session as the US-Israel war against Iran widened, disrupting oil and gas fuel shipments in the Middle East and heightening fears of a prolonged conflict.

Brent futures rose $6.07, or 7.8pc, to $83.81 a barrel at 10:35 a.m. EST (1535 GMT). US West Texas Intermediate increased $6, or 8.4pc, to $77.23.

That keeps both crude benchmarks in technically overbought territory for a second day and on track to close at their highest levels since July 2024 for Brent and January 2025 for WTI.

In addition, the premium of Brent over WTI WTCLc1-LCOc1 rose to $8 a barrel, its highest since November 2022. Analysts have said when this premium rises over $4, it supports crude exports from the US.

Published in Dawn, March 4th, 2026