Israel-Iran conflict fuels crude oil price surge
Oil prices shot up over 7% on Friday after fighting between Israel and Iran raised worries about Middle East oil supplies. Brent crude ended the day at $74.23 a barrel, its highest in months, while US crude also saw a big spike. This sudden jump comes as global markets react to the risk of disruptions in one of the world's key oil-producing regions.
Iran-Israel conflict raises concerns about oil supply disruptions
The tension ramped up when Israel targeted Iran's nuclear and missile sites, trying to stop its weapons program. Iran hit back with missile strikes on Tel Aviv and southern Israel—but so far, their oil facilities are still running. Experts say there's concern about possible trouble in the Strait of Hormuz (the main route for much of the world's oil). Still, OPEC+ has enough spare capacity to help if Iran's supply gets interrupted, with one analyst noting that the current situation raises concerns about potential disruptions in oil supplies from the Middle East.