Oil prices surged more than 9% on Friday, hitting their highest levels in nearly five months after Israel launched military strikes on Iran, intensifying Middle East geopolitical tensions and fuelling investor anxiety over potential disruptions in global crude oil supply.
Brent crude futures rallied by $6.29, or 6.07%, to $75.65 a barrel by 03:15 GMT after soaring to an intraday high of $78.50—its strongest level since January 27. U.S. West Texas Intermediate (WTI) crude also climbed $6.43, or 9.45%, to $74.47, having reached $77.62, the highest since January 21.
The spike marks the largest intraday gain for both benchmarks since early 2022, when Russia’s invasion of Ukraine jolted energy markets and sent oil prices skyrocketing.
As of Friday, the global oil market is pricing in a new chapter of geopolitical instability, with potential consequences for energy costs, global inflation, and monetary policy responses.
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