Oil Prices Surge 9% After Israeli Strikes on Iran Spark Fears of Regional Escalation
Oil prices spiked sharply on Friday following Israel's announcement of a large-scale military operation targeting Iran, heightening fears that a broader conflict could disrupt energy supplies from the region.
Brent crude futures rose $4.35, or 6.19%, reaching $74.60 a barrel, while U.S. West Texas Intermediate (WTI) crude jumped $5.33, or 7.83%, to $73.37 a barrel by 00:29 GMT—pushing both benchmarks to their highest levels in over two months.
Latest Oil Prices:
WTI Crude $74.35 +9.27%
Brent Crude $75.57 +8.95%
Murban Crude $75.07 +8.40%
Louisiana Light $71.76 +4.39%
Bonny Light $78.62 -2.84%
Opec Basket $67.47 +0.18%
Mars US $72.21 -1.45%
Gasoline $2.259 +5.43%
Natural Gas $3.544 +1.49%
The surge came hours after Israeli military officials confirmed a series of airstrikes targeting what they described as 'dozens of military and nuclear-linked facilities' across Iran. A senior Israeli source stated that the strikes were aimed at weakening Tehran's military capabilities and undermining its nuclear infrastructure. 'We believe Iran has the capability to strike Israel at any moment,' the source warned.
According to Israeli officials, several of the targets included nuclear facilities, though no details have yet been released about the extent of the damage. Iranian state media has confirmed the deaths of senior Revolutionary Guard commanders, but Tehran has not yet commented publicly on the alleged strikes against nuclear infrastructure.
The developments have added new urgency to diplomatic efforts. A sixth round of nuclear talks between U.S. and Iranian officials is scheduled for Sunday in Oman, with mediation from Omani diplomats. U.S. Special Envoy Steve Witkoff is expected to meet with Iranian Foreign Minister Abbas Araqchi to discuss Iran's potential response to Washington's latest proposal on nuclear compliance.
Former U.S. President Donald Trump has reportedly reiterated his stance that military action remains an option if talks collapse. Iran has responded by warning that any aggression would be met with retaliatory strikes on U.S. military bases in the region.
The risk of military escalation has raised alarms over global energy security, particularly regarding the Strait of Hormuz—a critical shipping chokepoint for global oil supplies. The UK Maritime Trade Operations issued a warning earlier this week that rising tensions could impact maritime traffic in key Middle Eastern waterways.
Analysts at JPMorgan warned that oil prices could spike to $120–$130 per barrel if the Strait of Hormuz were to be closed, though they currently view the likelihood of that scenario as low.
read more
CBE: Deposits in Local Currency Hit EGP 5.25 Trillion
Morocco Plans to Spend $1 Billion to Mitigate Drought Effect
Gov't Approves Final Version of State Ownership Policy Document
Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister
Qatar Agrees to Supply Germany with LNG for 15 Years
Business
Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves
Business
Suez Canal Records $704 Million, Historically Highest Monthly Revenue
Business
Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday
Business
Wheat delivery season commences on April 15
News
China Launches Largest Ever Aircraft Carrier
Sports
Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer
Lifestyle
Get to Know 2025 Eid Al Adha Prayer Times in Egypt
Business
Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War
Arts & Culture
Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies
News
Flights suspended at Port Sudan Airport after Drone Attacks
News
Shell Unveils Cost-Cutting, LNG Growth Plan
Videos & Features
Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream
Technology
50-Year Soviet Spacecraft 'Kosmos 482' Crashes into Indian Ocean
News
3 Killed in Shooting Attack in Thailand
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Daily News Egypt
4 hours ago
- Daily News Egypt
Gaza under fire, famine: Death toll climbs amid warnings of ‘never-ending war'
The death toll in Gaza continues to rise amid ongoing Israeli airstrikes and an escalating humanitarian crisis. The Gaza Ministry of Health reported on Wednesday that 138 Palestinians were killed and 771 injured in the past 24 hours, bringing the total since the resumption of fighting to 9,654 dead and 39,401 injured. Since the conflict began on 7 October 2023, 61,158 people have been killed and more than 151,000 wounded, according to the ministry. Among the latest victims were 87 people killed and 570 injured while attempting to collect humanitarian aid, raising the toll in so-called 'bread massacre' incidents to 1,655 dead and over 11,800 injured. The Gaza Government Media Office said 84 aid trucks entered the strip on Tuesday, most of which were looted or seized amid widespread insecurity. It accused Israel of pursuing 'engineered chaos and starvation' to undermine Palestinian social cohesion and resilience. The office stressed that at least 600 trucks a day are needed to meet the basic needs of Gaza's 2.4 million residents, yet only 853 trucks—14% of the required amount—have entered in the past 10 days. The health ministry also reported five more deaths from starvation and malnutrition, bringing the famine-related death toll to 193, nearly half of them children. On the ground, Palestinian factions continued attacks on Israeli forces. Hamas's military wing, the Al-Qassam Brigades, said it struck an Israeli D9 bulldozer with a tandem warhead east of Gaza City. Islamic Jihad's Al-Quds Brigades reported joint shelling of Israeli positions near Khan Younis and the destruction of a tank with a barrel bomb in central Khan Younis. Humanitarian aid airdrops have also drawn criticism. Gaza's Ministry of Interior said falling supply boxes have injured or killed civilians due to crowding or direct impacts on tents and homes, citing a recent incident in northern Gaza. It added that the airdropped aid is negligible compared with needs and urged the reopening of land crossings for sustained large-scale deliveries. International warnings are mounting. French Ambassador to Israel Frédéric Journès told Israel's public broadcaster that an Israeli occupation of Gaza would amount to a 'never-ending war,' urging Prime Minister Benjamin Netanyahu's government to pursue a political solution and work with Arab partners on a post-war plan. South African Foreign Minister Ronald Lamola called for 'the broadest possible international pressure' on Israel to stop what he described as acts of genocide. Speaking to Agence France-Presse, Lamola said South Africa had warned in its International Court of Justice submission that Israel's actions would lead to famine and the systematic erasure of Gaza's population. He welcomed recent recognition of a Palestinian state by France, Canada, and others, saying it would increase pressure for a ceasefire. Germany also voiced deep concern over the worsening crisis, calling for a full ceasefire and rejecting any unilateral annexation of the West Bank. Berlin reiterated its support for a two-state solution and the Palestinians' right to statehood.
Al-Ahram Weekly
5 hours ago
- Al-Ahram Weekly
Only 1.5% of Gaza farmland usable: FAO - War on Gaza
Only 1.5 per cent of Gaza's farmland is accessible and undamaged -- less than a square mile -- according to the latest satellite survey published Wednesday by the UN's Food and Agriculture Organisation, which warned the Palestinian territory was on "the brink of a full-scale famine". In its previous survey, published at the end of May, the FAO had indicated that less than five per cent of Gaza farmland was both accessible and undamaged, based on data from the UN Satellite Centre. The survey, which dates from July 28, found that 8.6 per cent of Gaza's farmland was accessible, but only 1.5 per cent, or 2.3 square kilometres (less than one square mile) was both accessible and usable. An additional 12.4 per cent of farmland is undamaged, but not accessible. An overwhelming majority of Gaza's farmland -- 86.1 per cent -- is damaged, the survey found. "Gaza is now on the brink of a full-scale famine," the FAO's director-general Qu Dongyu said in a statement. "People are starving not because food is unavailable, but because access is blocked, local agrifood systems have collapsed, and families can no longer sustain even the most basic livelihoods," he added. Qu called for safe and sustained humanitarian access to restore local food production and avoid a further loss of life. "The right to food is a basic human right," he said. Before the conflict, agriculture accounted for around 10 per cent of the Gaza Strip's economy. The FAO estimated that more than 560,000 people, or a quarter of the population, were at least partially supported by agriculture and fishing. The Israeli government is under growing pressure to bring the war in Gaza to an end, with concern mounting after the United Nations warned that famine was unfolding in the territory of more than two million Palestinians. The Israeli war on Gaza, which began in October 2023, has killed at least 61,158 Palestinians, mostly civilians, according to figures from the Gaza health ministry, which are considered reliable by the United Nations. Follow us on: Facebook Instagram Whatsapp Short link:
See - Sada Elbalad
5 hours ago
- See - Sada Elbalad
Abou El-Enein Foundation Supports Gaza with Over 15K Tons of Humanitarian Supplies
Nada Mustafa Abou El-Enein Foundation for Social and Cultural Activities participated in the 11th humanitarian convoy launched by the National Alliance for Civil Development Work from Rafah crossing border, carrying food, relief, and medical aid to support the Palestinian people in the Gaza Strip. This participation comes as a continuation of the foundation's efforts since the onset of the aggression on Gaza, during which it has contributed to successive convoys organized by the Alliance. To date, the foundation has provided more than 15,000 tons of food, medicine, and essential supplies, as part of its national and humanitarian duty towards the Palestinian brothers and sisters. The foundation affirmed that the 11th convoy marks a new milestone in the ongoing support efforts, which are under the direct supervision of the Egyptian state and fully supported by the political leadership, led by President Abdel Fattah El-Sisi, who continues to take steadfast and supportive positions on the Palestinian cause. The foundation also expressed its gratitude to the thousands of volunteers and field workers who helped prepare and organize the convoys, reaffirming that civil society in Egypt has become a powerful force in supporting nations during times of crisis. read more Gold prices rise, 21 Karat at EGP 3685 NATO's Role in Israeli-Palestinian Conflict US Expresses 'Strong Opposition' to New Turkish Military Operation in Syria Shoukry Meets Director-General of FAO Lavrov: confrontation bet. nuclear powers must be avoided News Iran Summons French Ambassador over Foreign Minister Remarks News Aboul Gheit Condemns Israeli Escalation in West Bank News Greek PM: Athens Plays Key Role in Improving Energy Security in Region News One Person Injured in Explosion at Ukrainian Embassy in Madrid News Israeli-Linked Hadassah Clinic in Moscow Treats Wounded Iranian IRGC Fighters Arts & Culture "Jurassic World Rebirth" Gets Streaming Date News China Launches Largest Ever Aircraft Carrier News Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia Business Egyptian Pound Undervalued by 30%, Says Goldman Sachs Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Arts & Culture South Korean Actress Kang Seo-ha Dies at 31 after Cancer Battle Arts & Culture Lebanese Media: Fayrouz Collapses after Death of Ziad Rahbani Sports Get to Know 2025 WWE Evolution Results
