HOUSTON: Oil prices pulled back from multi-month highs reached earlier on Friday, as Israeli airstrikes appeared to spare Iranian oil infrastructure. Despite the retreat, prices remained nearly 6% higher amid investor concerns that escalating tensions could threaten Middle East oil supplies.
Brent crude rose by $4.11, or 5.9%, to $73.47 per barrel as of 11:12 a.m. EDT (1712 GMT), after surging over 13% to an intraday peak of $78.50—the highest level since January 27. Similarly, US West Texas Intermediate (WTI) crude climbed $4.38, or 6.4%, to $72.42, following an earlier spike of more than 14% to $77.62, its strongest since January 21.
These marked the most significant intraday gains for both benchmarks since 2022, when Russia’s invasion of Ukraine sent energy markets into turmoil.
Israel stated that its strikes targeted Iranian nuclear facilities, ballistic missile production sites, and senior military figures as part of what it described as the beginning of a sustained campaign to prevent Iran from developing nuclear weapons. In response, Iran vowed severe retaliation.
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