Oil approaches $115 per barrel as market realizes higher for longer is very possible

Global energy prices soared Thursday after Iran attacked two oil refineries in Kuwait and a key natural gas facility in Qatar that can supply one-fifth of the world’s liquified natural gas.

The attacks added to fears the energy crisis triggered by the closure of the Strait of Hormuz to tanker traffic may be longer and more extensive than feared, with lasting damage to oil and gas production.

Brent crude, the international benchmark, rose nearly 6% to $113.77 per barrel, up...