Oil prices jumped more than 3% on Friday after Israel carried out a strike on Iran, triggering fears of an expanding war in the Middle East.
Israel carried out a limited military strike against Iran and is currently assessing the strike’s effectiveness and damage caused, a source familiar with the situation told NBC News. The operation was conducted in the early hours of Friday morning local time.
Both oil benchmarks pared gains after initially jumping over 3% on news of explosions in Iran. Global benchmark Brent traded 1.73% higher at $88.62 a barrel after topping $90 earlier, while the U.S. West Texas Intermediate rose 1.75% to $84.1 per barrel.
Safe haven assets also rose. Spot gold prices surged to a fresh all-time high of 2,411.09 per ounce, while the yen strengthened 0.45% to 153.93 against the U.S. dollar. (NBC News)