Amid escalating tensions between Israel and Iran, the price of Brent crude soared to $90.54 per barrel, marking a significant increase from $87 in just a matter of days. The surge came in the wake of Israel’s retaliation strike against Iran, fueling fears of a broader conflict in the Middle East.
On Friday, oil prices surged by more than 3.94%, with US West Texas Intermediate (WTI) crude futures jumping to $86.09, a 4.06% increase. Confirming the retaliation operation, a US official informed NBC News about Israel’s military action in Iran.
Reports indicated explosions at an airport in Isfahan, though the exact cause remained unclear. Consequently, several flights were diverted away from Iranian airspace.
The recent escalation follows Iran’s drone attacks on Israel just five days prior, underscoring the intensifying tensions in the region and the potential ramifications for global oil markets.
