Brent crude oil futures climbed above $116 per barrel on Thursday morning, marking an increase of more than 8 percent from the previous close, after a sharp escalation in attacks on key energy infrastructure in the Persian Gulf.

The surge followed Israeli airstrikes on Wednesday that damaged facilities at Iran's South Pars natural gas field, the world's largest, shared with Qatar, as well as the Asaluyeh oil refinery and petrochemical sites on Iran's southern coast. Iran retaliated hours later with missile strikes on Qatar's Ras Laffan Industrial City, home to the world's largest LNG export facility, causing extensive damage and prompting Qatar to suspend production.

Brent crude briefly touched $119 before settling around $116.24, up 5.96 percent on the day and over 58 percent in the past month. West Texas Intermediate crude rose about 1.3 percent to $97.59. Natural gas prices also jumped, with Europe's TTF benchmark up 16.5 percent to 63.7 euros per megawatt-hour and U.S. natural gas gaining 4 percent to $3.19 per million British thermal units.

The attacks heightened fears of widespread supply disruptions, as the Strait of Hormuz remains effectively closed, blocking about 20 percent of global oil shipments. Major Gulf producers have curbed output amid the conflict, which began with U.S.-Israeli strikes on Iran on February 28. Oil prices have risen roughly 50 to 60 percent since then.

Qatar's Foreign Ministry described the Iranian attack as a "dangerous escalation" and a "flagrant violation of sovereignty," reserving the right to respond under international law. Iran's army issued evacuation warnings for energy facilities in Saudi Arabia, the United Arab Emirates, and Qatar, citing U.S. military presence.

U.S. President Donald Trump criticized Israel's strike on the South Pars field, stating the U.S. had prior knowledge but urged restraint, and warned that America would "massively blow up" a major Iranian gas field if Iran attacks Qatar again. Trump also temporarily waived the Jones Act to ease domestic transportation of oil and commodities using foreign-flagged vessels.

Analysts warned of further volatility. Tom Kloza of Gulf Oil said prices could go "apocalyptic" if attacks spread beyond the Gulf. Dan Pickering of Pickering Energy Partners noted a shift from supply chain issues to actual production disruptions.

Stock markets fell amid the energy rally, with investors bracing for prolonged disruptions in a region vital to global supplies.