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Global oil prices have jumped after Israel said it had struck Iran, in a dramatic escalation of tensions in the Middle East.
The price of the benchmark Brent Crude was up by more than 10 per cent shortly after the news emerged, reaching its highest level since January.
Traders are concerned that a conflict between Iran and Israel could disrupt supplies coming from the energy-rich region.
The cost of crude oil affects everything from how much it costs to fill up your car to the price of food at the supermarket.
As trading began in Europe, oil prices had eased a little, standing around 5 per cent higher than Thursday’s closing price.
London-traded Brent crude was US$72.80 a barrel, while oil traded on the US’s Nymex was at US$73.20.
Despite the jump, oil prices are still more than 10 per cent lower than where they were at the same point last year.
They are also well below the peaks seen in early 2022 following Russia’s invasion of Ukraine, when the price of crude soared well above US$100 a barrel.
English (US) ·