Crude oil prices jumped over 4% on Friday as conflict in the Middle East intensified, with Brent rallying above $90 a barrel in a sudden move higher.
Brent oil, the global benchmark, surged 3.94% to $90.54 a barrel, while the US West Texas Intermediate (WTI) crude futures spiked 4.06% to $86.09.
Oil prices rallied after reports that Israeli missiles hit a site in Iran. As per Iran’s Fars news agency, explosions were heard at an airport in the Iranian city of Isafahan.
Isfahan is home to the Iranian military’s main airbase and locations related to its nuclear programme.
Crude oil prices have rallied this year led by the worsening hostilities in the Middle East as well as OPEC supply cuts tightening the market.
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Meanwhile, Iran fired air defence batteries early Friday morning after reports of explosions near a major airbase at the city of Isfahan, the state-run IRNA news agency reported.
It remained unclear if the country was under attack. However, tensions remain high after Iran’s unprecedented missile-and-drone attack on Israel. The Israeli military did not immediately respond to a request for comment.
The missile launches come after Iran launched an offensive on targets around Israel on Saturday last week, according to Israeli military authorities, in which the nation fired a barrage of over 300 unmanned drones and missiles.
(With inputs from Agencies)
