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Oil prices surged by over $4 per barrel on Friday, reaching their highest level in nearly five months following Israeli military actions against Iran.
Brent crude futures increased by $4.60, which translates to a rise of 6.63 percent, bringing the price to $73.96 a barrel after peaking at $78.50 during the day, a level not seen since January 27.
Meanwhile, US West Texas Intermediate crude saw a rise of $4.99, representing a 7.33 percent gain, settling at $73.03 a barrel after reaching a high of $77.62, the highest since January 21.
These price increases marked the most significant intraday fluctuations for both crude oil contracts since 2022, when prices soared following Russia’s invasion of Ukraine.
On Friday, Israel announced that it targeted Iranian nuclear sites, missile production facilities, and military leaders, indicating the start of a protracted effort to hinder Tehran’s development of nuclear weapons.