London, March 12 (QNA) - Oil prices rose sharply today amid military escalation in the Middle East, affecting crude flows through the Strait of Hormuz.

Brent crude futures jumped $5.95, or 6.47 percent, to $97.93 per barrel after exceeding $100 per barrel earlier in the session. U.S. West Texas Intermediate crude rose $5.25, or six percent, to $92.50 per barrel.

Brent reached $119.50 per barrel last Monday, the highest level since mid-2022, then fell after U.S. President Donald Trump said the Iran war could end quickly.