Oil prices skyrocketed in Asian trading on Friday after Israel launched a major pre-emptive strike on Iran, raising fears of broader Middle East conflict and major supply disruptions.
As of 21:22 ET (01:22 GMT), Brent Oil Futures expiring in July surged 8.5% to $75.15 per barrel, its highest level since early February.
West Texas Intermediate (WTI) crude futures also surged 8.4% to $73.68 per barrel.
Oil surges as Israel attacks Iran, says no U.S. involvement
Israel launched a large‑scale pre‑emptive airstrike on Iran early Friday, hitting “dozens” of military and nuclear targets, media reports showed.
“Following the pre-emptive strike by the State of Israel against Iran, a missile and UAV (drone) attack against the State of Israel and its civilian population is expected in the immediate timeframe,” Defence Minister Israel Katz said in a statement.
Explosions echoed throughout Tehran, with state media reporting that air defences were fully activated.
Two U.S. officials told Reuters that Israel acted alone, with no American involvement.
CNN reported that President Donald Trump convened a cabinet meeting.
Friday’s oil surge was driven by the immediate reaction to Israel’s strike on Iran, triggering a geopolitical risk premium and raising fears of disruption to global crude supplies.
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