If Iran's oil installations are taken offline, oil prices could surge over $200 per barrel, SEB's Bjarne Schieldrop said.

Oil futures finished higher for a third straight session on Thursday, prompting prices to turn higher for the year, as traders awaited Israel’s response to a missile barrage earlier this week by Iran amid concerns of a wider Middle East conflict that could disrupt flows of crude from the region.

Brent crude climbed near $75 a barrel, on course for the longest run of daily gains since August, as Oil rose for a third day with traders assessing supply risks in the Middle East. Paul Wallace reports on Television.

Oil markets are on edge this week as traders try to anticipate impacts on oil supplies from a potential major retaliation on Iran by Israel.

A rise in oil prices intensified Thursday after President Biden suggested that U.S. officials are considering whether to support an Israeli strike on Iranian oil facilities, a move that could push prices higher just weeks before the presidential election.

Year to date, WTI prices are down by 2.60%. Brent futures traded at $75.41/bbl, an increase of 0.13% in the last 24 hours. Year to date, Brent prices are down by 4.62%. USA TODAY Blueprint may earn a commission from this advertiser.