Crude oil prices soared sharply on Friday, climbing to their highest levels in over two months after Israel confirmed a strike on Iranian territory. The escalation in geopolitical tensions has sparked fears of potential supply disruptions from the oil-rich Middle East, leading to a surge in global crude benchmarks.

Crude Oil Prices Jump

Brent crude futures spiked 5.35% earlier in the session to $73.07 a barrel. Meanwhile, West Texas Intermediate (WTI) crude rallied 5.86% to $72.03.

However, by around 8:20 AM IST, both benchmarks had surged even higher. WTI was trading at $76.43, up 12.33%, while Brent hit $77.43, reflecting an 11.63% increase. Murban crude also saw a substantial gain, rising 10.25% to $76.35.

Geopolitical Escalation Sparks Fears

The dramatic rally in oil prices followed news that Israel had conducted preemptive airstrikes on Iranian territory. Israeli Defence Minister Israel Katz stated the action was taken to prevent what was described as an imminent Iranian missile and drone attack. Following the strikes, Israel declared a special state of emergency.

In response, U.S. Secretary of State Marco Rubio clarified that the United States was not involved in the operation. He emphasised that Washington’s top priority was the safety of American forces in the region and warned Iran against retaliatory action.

Also Read: India’s Inflation Hits Lowest Level to 2.82% Since 2019!

Conclusion

With tensions running high in the Middle East, oil markets are bracing for further volatility.

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