Global oil prices surged on Friday after Israel confirmed airstrikes on Iranian targets, sparking fears of a wider conflict in the Middle East that could threaten global energy supplies. The rapid escalation pushed Brent crude futures up by $5.29, or 7.63%, to $74.65 per barrel — briefly touching $75.32, the highest level in over two months. US West Texas Intermediate (WTI) crude jumped by 7.91% to reach $73.42.
The sharp rise in oil prices reflects growing concern over potential supply disruptions, particularly if Iran retaliates or targets key infrastructure. Analysts warned that any move by Tehran to block or destabilize the Strait of Hormuz — a critical chokepoint for global oil shipments — could significantly impact up to 20 million barrels per day in oil flow.
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Israeli Prime Minister Benjamin Netanyahu said the strikes targeted Iran’s nuclear and ballistic missile facilities, actions he claimed were necessary to halt Tehran’s alleged nuclear ambitions — a charge Iran continues to deny. Iranian media reported multiple explosions in Tehran, and the country has reportedly declared a state of emergency amid preparations for a possible military response.
The conflict has also rattled global financial markets. Stocks in Asia tumbled, US futures slid, and investors rushed to safe-haven assets like gold and the Swiss franc. Market analysts say risk sentiment is likely to remain fragile unless there is a clear de-escalation.
While US Secretary of State Marco Rubio insisted Israel acted alone and warned Iran not to target American interests, the situation remains tense. Experts caution that prolonged uncertainty or any threat to energy corridors could drive oil prices higher and fuel broader economic instability.
