Doha: Oil prices rose Thursday after the United States launched new strikes on targets in Iran: Brent crude futures climbed 78 cents, or 1 percent, to $78.80 a barrel.

According to Qatar News Agency, US West Texas Intermediate (WTI) crude futures rose 74 cents, or 1.01 percent, to $74.26 a barrel. Both benchmarks experienced a significant increase, climbing by more than a dollar in after-hours trading on Wednesday following the US military's initiation of strikes against Iran.