WASHINGTON (dpa-AFX) - Crude oil prices jumped sharply on Friday due to fears of supply disruptions after Israel conducted airstrikes against Iran. Iran has vowed to retaliate heavily.
WTI oil for July delivery shot up $4.94 to settle at $72.98 per barrel. This is the highest price for oil since February 11th. August Brent crude was last seen up by $4.72 at $74.08.
Earlier today, two-hundred-plus Israeli Air Force fighter jets attacked hundreds of nuclear, military, and infrastructure targets across Iran.
The attacks, which severely damaged crucial Natanz nuclear site, also eliminated six top nuclear scientists and the country's highest-ranking military official, Mohammed Bagheri.
Though US President Donald Trump stated mildly that Iran had brought on this attack upon itself, Iran has vowed that Israel would pay a 'heavy price' for its attacks.
This new tension has increased the possibility of a full-blown conflict in the Middle East and consequent rise in oil prices.
Fears of oil transit via the Strait of Hormuz getting disrupted has now increased. Over 20 million barrels (20% of global daily consumption) of crude oil pass daily through this crucial chokepoint for oil shipments.
Notably, following today's attacks, gold and the dollar rallied, while stock markets fell globally.
As Trump warned that further attacks would be even more brutal, analysts observe that oil prices could be dictated by Iran's next move.
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