Oil prices surge over 12% as Israel strikes Iran
What's the story
Oil prices have skyrocketed by over 12% after Israel launched attacks on Iranian military and nuclear sites. The West Texas Intermediate (WTI) surged by 12.6%, while Brent crude jumped by 12.2%. The move has raised fears of a potential war in the oil-rich Middle East region, with Iran reportedly preparing to retaliate against these strikes.
Attack details
Israel confirms attacks on Iran
The Israeli government has confirmed its attacks on Iran. Prime Minister Benjamin Netanyahu stated that the strikes were aimed at damaging Iran's nuclear infrastructure, ballistic missile factories, and other military capabilities. The action comes amid heightened tensions over Iran's nuclear program. US Secretary of State Marco Rubio has called Israel's strikes against Iran a "unilateral action," stressing that Washington was not involved in the attacks. He also urged Tehran not to target US interests or personnel in the region.
Retaliation fears
Israel declares state of emergency
Israel has declared a state of emergency amid fears of an imminent missile and drone retaliation from Tehran. The escalating conflict has sent shockwaves through financial markets, with stocks plunging in early Asian trade and a selloff in US futures. Investors are flocking to safe havens like gold amid rising uncertainty. As per a Reuters report, Iran holds sufficient nuclear material to assemble up to 15 bombs within days.