Crude oil surged by 13% in early trading on Friday after Israel launched air strikes on Iran without US support, raising concerns about supply prospects from the Middle East region.
West Texas Intermediate (WTI) prices rose by around 4.85% and Brent by around 4.18% in mid-Asian session, WTI managed to reach a high jump of 13% and Brent by 8% during the news of the conflict.
According to a statement by Prime Minister Benjamin Netanyahu, Israel launched a military operation against Iran's nuclear and missile programs.
He said the attack focused on the main enrichment site in Natanz, several leading Iranian nuclear scientists, as well as the country's ballistic missile development center.
The operation will continue for several days to completely eliminate the threat.
Meanwhile, the International Atomic Energy Agency (IAEA) announced that no increase in radiation levels was detected in Natanz as of Friday morning. The Isfahan nuclear site was reportedly undamaged by the attack.
Israeli Defense Minister Israel Katz has declared a nationwide state of emergency as a precaution, amid expectations that Iran will retaliate with missiles and drones.
Iranian state media also reported that the Supreme Commander of the Islamic Revolutionary Guard Corps (IRGC), Hossein Salami, was killed in the Israeli strike.
The tensions have raised concerns about disruptions to global oil supplies, particularly from Iran and other regional players potentially drawn into the conflict.
