WASHINGTON (Reuters) -U.S. President Donald Trump expressed frustration on Thursday that oil prices have risen amid supply concerns from potential conflict in the Middle East. Both global and U.S. oil prices surged more than 4% on Wednesday to their highest levels since early April before easing a bit on Thursday.

U.S. President Donald Trump expressed frustration on Thursday that oil prices have risen amid supply concerns from potential conflict in the Middle East.

Oil futures soared in electronic trade late Thursday after Israel's attack on Iran, with West Texas Intermediate crude, the U.S. benchmark, up nearly 10% in electronic trade on the New York Mercantile Exchange.

Oil prices are just starting to gush higher. Last trading at $64.85, oil could rally back to $70 with growing optimism over US-China trade talks. In fact, if a deal can be reached, there’s hope it will boost the global economic outlook and fuel demand.

Most countries in the Group of Seven nations are prepared to go it alone and lower the G7 price cap on Russian oil even if U.S. President Donald Trump decides to opt out, four sources familiar with the matter said.

Crude oil prices surged on geopolitical tensions before retreating as markets digested lower global demand forecasts.

Oil prices rose 4.9% on Wednesday after a government report showed that domestic crude inventories were lower than expected and prospects dimmed for a nuclear deal with Iran that prompted a partial evacuation of the U.

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