NEW DELHI: Crude oil prices soared by more than 12% on Friday following an escalation in tensions between Israel and Iran. Israel launched a series of coordinated airstrikes on Iranian nuclear facilities, triggering fears of broader disruptions to global oil supplies. As a result, Brent Crude prices surged nearly 13%, reaching $77.77 per barrel, while West Texas Intermediate (WTI), the benchmark US oil contract, climbed 12.6% to $76.61 per barrel.
However, by 11:10 AM IST, the rally had cooled somewhat, with Brent Crude trading at $74.86 per barrel and WTI at $73.73. The spike in crude prices was driven by concerns that the ongoing conflict between Israel and Iran could disrupt oil supplies from the energy-rich region, which accounts for roughly one-third of the world’s oil production. Oil prices are now on track for their largest weekly gain since 2022.