Brent crude oil prices have experienced a significant spike, reaching $109.75 per barrel, marking a 6.1% increase at the opening on Wednesday. This surge follows a US military attack on Iran's South Pars gas field, which is a critical facility for both internal supplies and exports to neighboring countries such as Iraq and Turkey. The increase in Brent is reflective of heightened tensions in the region affecting global oil markets. Additionally, the US West Texas Intermediate (WTI) crude also rose by 1.88%, reaching $98.02 per barrel, largely due to Iraq securing an agreement to export oil through Kurdistan to the Turkish port of Ceyhan, bypassing the crucial Strait of Hormuz.