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Oil prices surge 10% after Israel launches unilateral airstrikes against Iran
- Israel launched unilateral airstrikes early on Friday, targeting Iran's nuclear enrichment facility at Natanz and its ballistic missile program.
- This attack came amid escalating regional tensions, including Iran's threats to target US military bases and close the Strait of Hormuz if conflict widened.
- The strike prompted widespread disruptions, such as Energean halting gas production off Northern Israel and Middle Eastern countries, including Israel and Iran, closing airspace to commercial flights.
- Oil prices surged over eight percent with Brent crude reaching $74.65 a barrel, while safe havens like gold, the Japanese yen, and the Swiss franc rallied as global equities fell sharply.
- The strikes heightened fears of a broader Middle Eastern war, causing sustained market volatility and concern that the United States could become involved in the regional crisis.
75 Articles
75 Articles
Israel's Attack on Iran Bullish for Oil Prices but Unlikely to Last Unless Exports Affected: Report
Get latest articles and stories on Business at LatestLY. Israel's surprise airstrikes on Iranian nuclear sites have rattled global energy markets, sending oil prices soaring and raising concerns about wider regional instability. Business News | Israel's Attack on Iran Bullish for Oil Prices but Unlikely to Last Unless Exports Affected: Report.
Israel's attack on Iran has spooked the financial markets, fearing a regional conflict with negative effects on oil supply, and the world is already struggling with Trump's tariffs.
The gold skyrocketed after Israel carried out air strikes on Iran’s nuclear facilities and military leadership, increasing fears that hostilities between the two nations could lead to a wider regional conflict. The bullion rose by 1.8 percent thanks to investor demand for safe haven, before reducing some profits. Israeli Prime Minister Benjamin Netanyahu said the operation would continue until the “threat” was eliminated. Iran promised a “severe…
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