Oil up 6pc after Israel's strikes on Iran
Brent crude futures were up $4.11, or 5.9%, to $73.47 a barrel by 11:12 a.m. EDT (1712 GMT), after earlier soaring over 13% to an intraday high of $78.50, the strongest level since January 27. US West Texas Intermediate crude was up $4.38, or 6.4%, at $72.42, after earlier jumping over 14% to its highest since January 21 at $77.62.
Friday's gains were the largest intraday moves for both contracts since 2022 when Russia's invasion of Ukraine caused a spike in energy prices.
Israel said it had targeted Iran's nuclear facilities, ballistic missile factories and military commanders on Friday at the start of what it warned would be a prolonged operation to prevent Tehran from building an atomic weapon. Iran has promised a harsh response.
US President Donald Trump urged Iran to make a deal over its nuclear programme, to put an end to the 'next already planned attacks.' The National Iranian Oil Refining and Distribution Company said oil refining and storage facilities had not been damaged and continued to operate.
'Almost every time you get that big fear response, but then it's almost always not as bad as first thought,' said Phil Flynn, senior analyst at Price Futures Group. 'The Israelis haven't targeted oil refineries and oil pipelines. They haven't targeted oil ships.'
One primary concern, according to analysts, was whether the latest developments would affect the Strait of Hormuz, said Nikos Tzabouras, senior market analyst at Tradu.com.
'Sustained upside would require actual disruptions to physical flows - such as damage to Iran's oil infrastructure or a blockade of the Strait of Hormuz, a key global chokepoint,' Tzabouras said in a note on Friday morning.
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