Doha: Oil prices surged by nearly 4 percent today, reaching $99.36 a barrel, after the US announced a maritime operation in the Strait of Hormuz. Brent crude futures rose $4.16, or 4.4 percent, to settle at $99.36. US West Texas Intermediate (WTI) crude futures settled at $99.08 a barrel, up $2.51, or 2.6 percent.

According to Qatar News Agency, earlier in the session, Brent crude futures had risen by more than $8 a barrel, while WTI crude futures had climbed by more than $9.