Middle East Tensions Ignite Oil Price Surge
Oil prices surged 7% on Friday amid air strikes between Israel and Iran, raising fears of disrupted oil exports from the Middle East. Brent crude closed at $74.23 a barrel, the highest since January. U.S. President Trump called for Iran to negotiate over its nuclear program as traders eyed potential impacts on the vital Strait of Hormuz.
Friday witnessed a significant surge in oil prices, closing 7% higher, as escalating tensions between Israel and Iran triggered fears of major disruptions to Middle East oil exports.
Brent crude settled at $74.23 per barrel while the U.S. West Texas Intermediate closed at $72.98. This steep rise marked the largest intraday jump since 2022, recalling volatility seen during the early days of Russia's invasion of Ukraine.
With Iran promising retaliation and Israel targeting strategic facilities, global markets are on edge, particularly given the potential impacts on the Strait of Hormuz, a crucial passage for nearly a fifth of the world's oil supply.
(With inputs from agencies.)
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