Oil prices spiked sharply on Friday following Israel’s announcement of a large-scale military operation targeting Iran, heightening fears that a broader conflict could disrupt energy supplies from the region.
Brent crude futures rose $4.35, or 6.19%, reaching $74.60 a barrel, while U.S. West Texas Intermediate (WTI) crude jumped $5.33, or 7.83%, to $73.37 a barrel by 00:29 GMT—pushing both benchmarks to their highest levels in over two months.
Latest Oil Prices:
WTI Crude $74.35 +9.27%
Brent Crude $75.57 +8.95%
Murban Crude $75.07 +8.40%
Louisiana Light $71.76 +4.39%
Bonny Light $78.62 -2.84%
Opec Basket $67.47 +0.18%
Mars US $72.21 -1.45%
Gasoline $2.259 +5.43%
Natural Gas $3.544 +1.49%
The surge came hours after Israeli military officials confirmed a series of airstrikes targeting what they described as “dozens of military and nuclear-linked facilities” across Iran. A senior Israeli source stated that the strikes were aimed at weakening Tehran’s military capabilities and undermining its nuclear infrastructure. “We believe Iran has the capability to strike Israel at any moment,” the source warned.
According to Israeli officials, several of the targets included nuclear facilities, though no details have yet been released about the extent of the damage. Iranian state media has confirmed the deaths of senior Revolutionary Guard commanders, but Tehran has not yet commented publicly on the alleged strikes against nuclear infrastructure.
The developments have added new urgency to diplomatic efforts. A sixth round of nuclear talks between U.S. and Iranian officials is scheduled for Sunday in Oman, with mediation from Omani diplomats. U.S. Special Envoy Steve Witkoff is expected to meet with Iranian Foreign Minister Abbas Araqchi to discuss Iran’s potential response to Washington’s latest proposal on nuclear compliance.
Former U.S. President Donald Trump has reportedly reiterated his stance that military action remains an option if talks collapse. Iran has responded by warning that any aggression would be met with retaliatory strikes on U.S. military bases in the region.
The risk of military escalation has raised alarms over global energy security, particularly regarding the Strait of Hormuz—a critical shipping chokepoint for global oil supplies. The UK Maritime Trade Operations issued a warning earlier this week that rising tensions could impact maritime traffic in key Middle Eastern waterways.
Analysts at JPMorgan warned that oil prices could spike to $120–$130 per barrel if the Strait of Hormuz were to be closed, though they currently view the likelihood of that scenario as low.
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