Oil prices have surged in one of the most significant single-day increases in the market in years, driven by escalating tensions in the Middle East.
Today, Brent crude increased by 6.3% to $71 a barrel while US oil surged 8.5% to nearly $74 a barrel, having risen as much as 13% earlier in the day.
The increase in prices is the largest since March 2022, a month after Russia began its invasion of Ukraine.
Tensions rose early today when Israel’s army launched an attack on Iran’s nuclear and missile facilities, with Israeli Prime Minister Benjamin Netanyahu stating, “This operation will continue for as many days as it takes to remove this threat.”
Following the attack, U.S. stock futures fell, while investors sought refuge in safe-haven investments. Gold rose around 1% to reach $3,413.6.
By CEO NA Editorial Staff
