Oil prices soared during Asian trading hours on Friday following a major preemptive airstrike by Israel on Iran, intensifying fears of a broader conflict in the Middle East and potential disruptions to global oil supply.
By 21:22 ET (01:22 GMT), Brent crude futures for July delivery had jumped 8.5% to $75.15 a barrel—marking their highest level since early February. Similarly, West Texas Intermediate (WTI) crude rose 8.4% to $73.68 per barrel.
The sharp increase came after Israel launched widespread airstrikes on Iran early Friday, targeting numerous military and nuclear sites, according to media reports.
In a statement, Israeli Defense Minister Israel Katz warned of an imminent retaliation: “Following the State of Israel’s preemptive strike on Iran, we anticipate missile and drone attacks against Israeli civilians in the near term.”
Explosions were reported across Tehran, with Iranian state media confirming that air defense systems had been fully activated.
U.S. officials, speaking to Reuters, said Israel had carried out the operation independently, with no direct involvement from the United States. CNN reported that President Donald Trump had convened his cabinet in response to the developments.
The surge in oil prices reflects heightened geopolitical risk, as markets brace for possible supply shocks and regional instability triggered by the escalation between Israel and Iran.
