Oil prices rise by more than 6% after Israel's attack on Iran

Oil prices rose by more than $4 per barrel Friday, reaching their highest price in almost five months after Israel hit Iran, dramatically escalating tensions in the Middle East and raising concerns about the disruption of oil supplies.

The future crude oil contracts Brent increased by $4.60, or $6.63%, to $73.96 per barrel after reaching a maximum day of $78.50, the highest since 27 January. U.S. crude oil West Texas Intermediate increased by $4.99, or $73.3%, to 73.03 per barrel, after reaching a maximum of $77.62, the highest since January 21st, News agency reports “.

Price of crude Oil on the Stock Exchange “West Texas Intermediate” went up 7.33 percent and went to $73.03 per barrel.

Price hikes Friday were the highest daily movement since 2022, after Russia began its full invasion of Ukraine, causing the huge increase in energy fields.

Israel said that in the attacks on Iran it has targeted nuclear centres, ballistic missile factories and military commanders at the start of what it warned would be a long operation to prevent Tehran from producing nuclear weapons.

Some oil traders in Singapore said it is still too early to say whether the Israeli attack will affect oil shipments to the Middle East, as it will depend on how Iran will retaliate and whether the United States will intervene or not. /Periscope/