Oil prices have spiked as attacks on energy facilities in the Middle East have stepped up, heightening fears about major disruption to global supplies.

The price of Brent crude oil was rising by about 7% to cross $114 a barrel on this morning.

This means it was closing in on the highest level since the conflict escalated at the end of February.

Prices were up sharply overnight after Qatar said on Thursday that Iranian missile attacks had hit its liquified natural gas field Ras Laffan, ‘causing sizeable fires and extensive further damage’.

This followed reports that Israel launched an attack against Iran’s South Pars gas field.

US President Donald Trump said he ‘knew nothing’ of Israel’s strike and that he did not want to authorise ‘this level of violence and destruction’.