Oil surged following reports of an Israeli airstrike in Iran, heightening tensions in the region that accounts for a third of global crude production.
Brent rose as much as 5.7%, jumping above $73 a barrel, while West Texas Intermediate also rallied. The Israeli Air Force conducted a strike in Iran on Thursday, Axios reported, citing two unidentified people with knowledge of the operation. Earlier, US President Donald Trump said Israel "could very well" strike Tehran.
President Donald Trump said Israel "could very well" strike Iran but that he had advised against an attack while negotiations were ongoing, as the departure of US staff from the region fans concerns about a coming assault. "I don't want to say imminent, but it looks like it's something that could very well happen," Trump told reporters at an event Thursday at the White House. The US is talking to Iran about curbing its nuclear weapons ambitions.
Oil is on course for a substantial weekly gain amid the spike in tensions in the Middle East. JPMorgan Chase & Co. had warned that oil could reach $130 a barrel in a worst-case scenario. The US and Iran are scheduled to hold a sixth round of nuclear talks in Oman on Sunday.
Brent for August rose 5.7% to $73.30 a barrel 8:13 a.m. in Singapore.
WTI for July delivery surged 5.3% to $71.65 a barrel.
Source : Bloomberg
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