Oil prices rise by 4%, strikes continue

The price of Brent crude oil rose 4% to $112 (£84.34) a barrel in early Asian trade.

US-traded oil also rose 3% to $99.27.

The increase comes after the gas facility in Iran's South Pars - one of the world's largest natural gas fields - was hit.

Iran retaliated by targeting a major liquefied natural gas export facility in Qatar, causing "extensive damage," raising concerns over global energy supplies.

While oil prices are still significantly above their pre-war levels, they are below the peaks reached earlier in the conflict, when crude oil reached almost $120 per barrel.

Stock markets in Asia fell in early trading on Thursday.

South Korea's Kospi index fell 3%, while Japan's Nikkei 225 index fell 2.8%.

Australia's ASX 200 index was 1.6% lower./ CNA

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