The price of Brent crude is now over $90 per barrel – up from $87 – shortly after crisis between Israel and Iran intensified.
Oil prices jumped more than 3% on Friday after Israel carried out a strike in Iran, triggering fears of an all out war in the Middle East.
A U.S official confirmed with NBC News that Israel has conducted operation in Iran.
According to CNN, Iran’s Fars news agency said explosions were heard at an airport in the Iranian city of Isafahan but the cause was not immediately known. Several flights were diverted over Iranian airspace, highlighting the broader regional implications of the conflict.
This surge in oil prices reflects the market’s sensitivity to geopolitical events in the Middle East, a critical hub for global oil production and export.
Investors and analysts are closely monitoring the situation, aware that continued unrest could lead to further disruptions in oil supply chains and additional increases in prices.
