Oil prices surge over 12% following Israeli strikes on Iran
Global oil prices soared sharply on Friday, with both West Texas Intermediate (WTI) and Brent crude rising more than 12%, after Israel launched strikes on military and nuclear targets inside Iran.
The sudden spike reflects growing market anxiety over a possible broader conflict in the region and its potential impact on global oil supplies.
The price of WTI crude surged 12.6%, reaching $76.61 per barrel, while Brent North Sea crude jumped 12.2% to $77.77 per barrel, news agencies report.
Traders and analysts say the price spike is driven by fears that the escalating tensions could disrupt oil production or transportation routes in the Middle East—home to some of the world’s most vital energy corridors, including the Strait of Hormuz.
With Iran being a key oil producer and a central player in the Gulf region, any sustained conflict or retaliation could affect supply chains and drive energy costs higher globally.
The market reaction underscores the fragile state of geopolitical stability and its immediate influence on commodity markets, especially energy, as investors watch closely for any signs of further escalation or diplomatic intervention.
