- Crude oil prices surged after Israel launched strikes at Iran.
- West Texas Intermediate and Brent crude oil futures saw significant price increases.
- Oil futures are surging due to concerns over supply disruptions from the Middle East.
Crude oil prices surged on Friday after Israel said it had launched strikes at Iran, prompting fears of energy supply disruptions from the Middle East.
US benchmark West Texas Intermediate crude oil futures climbed nearly 8% higher, to $73.42 a barrel, at 9:10 p.m. ET.
International benchmark Brent crude oil futures were up 7.6%, to $74.64 a barrel, at 9:10 p.m. ET.
Iran is the fourth-largest oil producer in the Organization of Petroleum Exporting Countries.
Israel’s military launched a major preemptive strike against Iran’s nuclear program on Friday morning local time. Israeli Prime Minister Benjamin Netanyahu said in a video statement on Friday that the operation will continue “for as many days as it takes.”
Netanyahu said in his statement that Iran has produced enough highly enriched uranium for nine atom bombs, but did not provide any evidence to back his claim. Iran’s nuclear program presents “a clear and present danger to Israel’s very survival,” he added.
Israel’s strike on Iran comes as the US is engaging Iran on a new nuclear deal. President Donald Trump said earlier on Thursday that an attack on Iran “could very well happen” if they were not able to reach an agreement.
Secretary of State Marco Rubio said in a statement on Thursday, after the attack, that Israel had taken “unilateral action” against Iran.
“We are not involved in strikes against Iran and our top priority is protecting American forces in the region,” Rubio said.
This is a developing story. Please check back for updates.