Global oil prices rose sharply today after the United States launched new military strikes on targets in Iran, a move that sparked traders' concerns about the stability of oil supplies in the Middle East.

Brent crude futures rose 78 cents, or about 1%, to $78.8 per barrel, while US West Texas Intermediate crude futures climbed 74 cents, or 1.01%, to $74.26 per barrel.

Both benchmarks had recorded gains of over $1 in after-hours trading on Wednesday evening, immediately after the announcement that the US military had begun carrying out strikes against Iran.