Israel-Iran conflict: Crude oil prices jump over 5%; Brent crude oil above $73 per barrel

Crude oil prices jumped more than 5% on Friday to hit the highest in more than two months after Israel said it struck Iran, raising concerns of over disruption in oil supplies due to the escalating tensions in the Middle East.

Brent crude oil spiked 5.35% to $73.07 a barrel, while the US West Texas Intermediate (WTI) crude futures rallied 5.86% to $72.03.

Israel said that it struck Iran, and targeted “dozens” of sites across Iran, Reuters reported.

An Israeli military official has reportedly confirmed the attack, saying that it has Israeli military said it has launched a preemptive strike against Iran’s nuclear program.

Iranian media said explosions were heard in Tehran as tensions mounted over US efforts to win Iran’s agreement to halt production of material for an atomic bomb.

According to a report by Axios, Israel’s defense minister declared a state of emergency throughout Israel. Iran had previously vowed to respond to any attack.

(This is a developing story. To be updated)

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