June 15, 2024

Israel, Iran war: Oil prices surge amid tension

The price of Brent crude is now $90.54 per barrel, up from $87 days after the war between Israel and Iran escalated.

Oil prices jumped more than 3.94 per cent on Friday after Israel carried out a retaliation strike in Iran, triggering fears of an all-out war in the Middle East.

Also, the US West Texas Intermediate, WTI crude futures spiked 4.06 per cent to $86.09.

A U.S. official confirmed with NBC News that Israel has conducted a retaliation operation in Iran.

Reports filtering said explosions were heard at an airport in Isfahan, but the cause was not immediately known. Several flights were diverted over Iranian airspace.

Recall that Iran barely five days ago fired hundreds of drones at Israel.

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