Oil prices jump over six percent after Israel’s strike on Iran

Oil prices surged sharply on Friday following Israel’s announcement of a “preemptive strike” on Iran, heightening fears of broader instability in the Middle East — a key oil-producing region.

West Texas Intermediate (WTI), the benchmark U.S. crude, climbed 6.3 percent to $72.29 per barrel. Meanwhile, Brent North Sea crude, the international benchmark, rose 5.7 percent to $73.29.

The escalation raised concerns over potential disruptions to global energy supply, with markets reacting swiftly to the rising geopolitical tension.