Oil markets saw a dramatic surge in early Asian trading on Friday, following a significant Israeli military operation targeting Iran. The escalation has heightened concerns about a wider conflict in the Middle East and potential disruptions to global oil supply.
As of 21:22 ET (01:22 GMT), July contracts for Brent crude jumped 8.5%, trading at $75.15 per barrel — the highest level recorded since early February. Meanwhile, West Texas Intermediate (WTI) futures climbed 8.4% to $73.68 per barrel.
Tensions Soar as Israel Launches Strikes on Iran
According to media sources, Israel carried out a large-scale preemptive air assault on Iranian territory early Friday, targeting numerous military and nuclear installations. Israeli Defence Minister Israel Katz warned of an imminent retaliatory response, stating that missile and drone attacks on Israeli civilians were anticipated.
Tehran was rocked by multiple explosions, and Iranian state media confirmed the full activation of air defense systems across the capital.
Despite the scale of the assault, two U.S. officials told Reuters that the United States was not involved in the operation, emphasizing that Israel acted independently. CNN also reported that former President Donald Trump had convened a cabinet meeting in response to the unfolding situation.
The sharp increase in oil prices reflects investor anxiety over the geopolitical fallout, with fears that any prolonged conflict between Israel and Iran could severely impact crude production and shipping routes across the region — a key artery for global energy supply.
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