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Oil prices rose sharply on Friday after Israel attacked Iranian nuclear and military facilities, shaking global markets and stoking fears of a wider conflict in the region.
U.S. crude and Brent crude, the global benchmark, posted their biggest daily gains since March 2022, weeks after Russia invaded Ukraine. Oil benchmarks also posted their biggest weekly gains since October 2022.
U.S. crude rose 7.26% to around $72.98 a barrel on Friday. Brent crude rose 7% to around $74.23 a barrel. U.S. crude and Brent crude had risen 14% and 13%, respectively, earlier in the day.
“For markets, the focus is now turning to how the situation could escalate,” Jim Reid, a research strategist at Deutsche Bank, said in a note Friday.
Iran later on Friday retaliated against Israel, launching hundreds of ballistic missiles.
"The main channel through which this escalation could impact the global economy would be through higher oil prices," analysts at Capital Economics said in a note on Friday.
US stocks also fell sharply as Iran retaliated against Israel. The Dow fell 868 points, or 2%, this afternoon as geopolitical tensions worsened in the Middle East.
Global markets have been in turmoil since the start of the day after Israel launched an unprecedented attack on Iran, targeting its nuclear program and military leaders.
By early Friday afternoon, the broader S&P 500 index had fallen 1.2% and the tech-heavy Nasdaq Composite was down 1.4%.
A rise in global oil prices could revive inflation, complicating the outlook for policymakers like the Federal Reserve.
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