09:18 AM EDT, 03/19/2026 (MT Newswires) -- Oil prices continued to push higher early Thursday with no end to the war on Iran in sight as Iran retaliated to an Israeli attack on infrastructure at its South Pars natural-gas field by striking at energy assets in neighboring countries.

West Texas Intermediate (WTI) crude oil for April delivery was last seen up $0.93 to US$97.30 per barrel, while May Brent oil rose $6.27 to US$113.67, the highest since June, 2022, widening the gap between the U.S. and global benchmarks.

"WTI continues to trade below US$100, with the discount to Brent widening to US$16.5. This divergence reflects both regional dislocations and rising speculation that the Trump administration may consider measures such as an export ban to curb domestic fuel prices or potentially intervene more directly in oil markets," Saxo Bank noted.

The rise comes as the Strait of Hormuz remains closed following the launch of the war on Iran by the United States and Israel on Feb.28. The strait is the chokepoint for around 20% of global oil exports from Persian Gulf countries. The closure has trapped tankers in the Gulf while attacks on oil and gas infrastructure are accelerating.

Iran declared oil and gas facilities are legitimate targets after Israel on Wednesday struck at the South Pars field. It responded by launching attacks on the world's largest LNG facility in Qatar, with QatarEnergy reporting extensive damage from the missile strike. It also attacked oil facilities in Saudi Arabia, the UAE and Kuwait.

"The energy crisis emanating from the three-week Iran war continues to deepen, with Israel's strike on the South Pars Gas Field sparking a dangerous wave of Iranian retaliatory action. Hours after Iran warned that energy assets are now "legitimate targets," Qatar's Ras Laffan complex was hit by missile fire," Helima Croft, Head of Global Commodity Strategy and MENA Research at RBC Capital Markets rose.

No end to the war is in sight. The U.S. Secretary of Defense on Thursday declined to say when hostilities will wrap up, the Guardian reported, but did say an end to the fighting will come at a time of President Trump's choosing.