Oil prices rose more than 9 percent on Friday following Israeli attacks on Iran. This is the largest increase in more than five months. Analysts are very concerned about oil production as tensions in the Middle East continue to rise.
According to the Israeli army, the attacks targeted “military and nuclear targets” because Iran’s nuclear program “poses an essential threat to Israel.”
The Israeli attack increases tensions in the Middle East and fuels fears of a wider conflict in the region, which accounts for a third of global crude oil production.
The price of a barrel of US WTI oil was 8.6 percent higher at nearly $74 on Friday morning. A barrel of Brent oil, the oil from the Middle East and the North Sea, was 8.3 percent more expensive at $75.10.
Shortly after the attacks, oil prices rose by as much as 13 percent, the largest increase since March 2022, after the Russian invasion of Ukraine.