Global oil prices surged on Friday following reports that Israel had launched strikes on Iran, marking a significant escalation in tensions across the Middle East.
Brent crude jumped 12.82% to US$78.25 per barrel, while US West Texas Intermediate (WTI) crude futures rose 13.48% to US$77.21 — both reaching their highest levels in over two months.
The price spike came after Israel confirmed it had struck “dozens” of targets in Iran, according to a report by Reuters. The development has heightened fears of potential supply disruptions from the energy-rich region, prompting sharp reactions in global energy markets.
Analysts warn that any sustained conflict between Israel and Iran could threaten oil flows through key shipping routes, further pressuring prices.
Rising crude oil costs are likely to have a ripple effect on global economies, influencing fuel prices, transportation costs, and the overall cost of goods, including food and other essentials. (Newswire)