Global oil markets reacted sharply on Friday as the ongoing conflict in the Middle East intensified.
Israel’s invasion of Lebanon and Iran’s missile attack on Israel have sparked concerns over potential disruptions in crude oil supplies from the region, driving up prices.
Brent crude jumped 1.8% to $79 per barrel, reaching its highest level since August, while West Texas Intermediate (WTI) climbed 1.3% to $75.
The surge follows a 5% spike on Thursday after Israel threatened to target Iranian oil facilities in response to missile strikes.
Analysts warn that oil prices could skyrocket if Iranian production is severely impacted, with some predicting prices could exceed $200 per barrel if critical energy infrastructure is hit.
The conflict continues to escalate, with Iran and Israel exchanging missile fire and Israel conducting ground raids in Lebanon. The situation remains volatile, and markets are bracing for further turmoil.
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