Brent crude oil pulled back on Thursday after surging as high as $119.13 per barrel earlier in the day, as heightened conflict in the Middle East triggered sharp volatility across global energy markets.

The international oil benchmark had climbed to its highest intraday level in years after attacks hit key energy infrastructure in the Gulf, stoking fears of deeper supply disruptions in one of the world’s most critical producing regions.

However, as of 1610GMT, the price of Brent crude retreated to around $109.75, still up 2.1% day-on-day.

Brent crude has gone up by over 52% since the war on Iran began on Feb. 28, related to the closure of the Strait of Hormuz, which is an important route for the global energy trade.

Israel struck the Aseluye oil refinery on the coast of the Persian Gulf in southern Iran, as well as refineries linked to the South Pars natural gas field, heightening supply concerns in the region.

Following the targeting of its oil refineries, Iran announced that it would strike US-linked oil facilities in Saudi Arabia, the UAE, and Qatar, and issued an evacuation warning for the oil facilities and their surrounding areas.

Despite the retreat from session highs, Brent remained well above the $100 mark, signaling that traders continue to price in a substantial geopolitical risk premium as the conflict threatens to further destabilize global energy flows. (AA)