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Express Tribune
a day ago
- Business
- Express Tribune
Oil prices soar over 9% after Israel strikes Iran
Listen to article Oil prices surged more than 9% on Friday, hitting their highest in almost five months after Israel attacked Iran, dramatically escalating tensions in the Middle East and raising worries about disrupted oil supplies. Brent crude futures jumped $6.29, or 9.07%, to $75.65 a barrel by 0315 GMT after hitting an intraday high of $78.50, the highest since January 27. US West Texas Intermediate crude was up $6.43, or 9.45%, at $74.47 a barrel after hitting a high of $77.62, the loftiest since January 21. Friday's gains were the largest intraday moves for both contracts since 2022 after Russia invaded Ukraine, causing energy prices to spike. Israel said it 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. "This has elevated geopolitical uncertainty significantly and requires the oil market to price in a larger risk premium for any potential supply disruptions," ING analysts led by Warren Patterson said in a note. Several oil traders in Singapore said it was still too early to say if the strike would affect Middle East oil shipments, as it would depend on how Iran retaliates and if the US would intervene. "It's too early to tell, but I think the market is worried about shutting off of the Strait of Hormuz," one of the traders said. MST Marquee senior energy analyst Saul Kavonic said the conflict would need to escalate to the point of Iranian retaliation on oil infrastructure in the region before oil supply is materially impacted. He added that Iran could hinder up to 20 million barrels per day of oil supply via attacks on infrastructure or limiting passage through the Strait of Hormuz, in an extreme scenario. Iran's Supreme Leader Ayatollah Ali Khamenei, said Israel will receive "harsh punishment" following Friday's attack that he said killed several military commanders. US Secretary of State Marco Rubio on Thursday called Israel's strikes against Iran a "unilateral action" and said Washington was not involved, while also urging Tehran not to target US interests or personnel in the region. "Iran has announced an emergency and is preparing to retaliate, which raises the risk of not just disruptions but of contagion in other neighbouring oil-producing nations too," said Priyanka Sachdeva, senior market analyst at Phillip Nova. "Although Trump has shown reluctance to participate, US involvement could further raise concerns." In other markets, stocks dived in early Asian trade, led by a selloff in US futures, while investors scurried to safe havens such as gold and the Swiss franc.
Arab News
a day ago
- Business
- Arab News
Oil Updates — prices soar more than 9% after Israel strikes Iran, rattling investors
SINGAPORE: Oil prices surged more than 9 percent on Friday, hitting their highest in almost five months after Israel struck Iran, dramatically escalating tensions in the Middle East and raising worries about disrupted oil supplies. Brent crude futures jumped $6.29, or 9.07 percent, to $75.65 a barrel by 06:15 a.m. Saudi time after hitting an intraday high of $78.50, the highest since Jan. 27. US West Texas Intermediate crude was up $6.43, or 9.45 percent, at $74.47 a barrel after hitting a high of $77.62, the loftiest since Jan. 21. Friday's gains were the largest intraday moves for both contracts since 2022 after Russia invaded Ukraine, causing energy prices to spike. Israel said it 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. 'This has elevated geopolitical uncertainty significantly and requires the oil market to price in a larger risk premium for any potential supply disruptions,' ING analysts led by Warren Patterson said in a note. Several oil traders in Singapore said it was still too early to say if the strike will affect Middle East oil shipments as it will depend on how Iran retaliates and if the US will intervene. 'It's too early to tell but I think the market is worried about shutting off of the Strait of Hormuz,' one of the traders said. MST Marquee senior energy analyst Saul Kavonic said the conflict would need to escalate to the point of Iranian retaliation on oil infrastructure in the region before oil supply is materially impacted. He added that Iran could hinder up to 20 million barrels per day of oil supply via attacks on infrastructure or limiting passage through the Strait of Hormuz, in an extreme scenario. Iran's Supreme Leader Ayatollah Ali Khamenei said Israel will receive 'harsh punishment' following Friday's attack that he said killed several military commanders. US Secretary of State Marco Rubio on Thursday called Israel's strikes against Iran a 'unilateral action' and said Washington was not involved while also urging Tehran not to target US interests or personnel in the region. 'Iran has announced an emergency and is preparing to retaliate, which raises the risk of not just disruptions but of contagion in other neighbouring oil producing nations too,' said Priyanka Sachdeva, senior market analyst at Phillip Nova. 'Although Trump has shown reluctance to participate, US involvement could further raise concerns.' In other markets, stocks dived in early Asian trade, led by a selloff in US futures, while investors scurried to safe havens such as gold and the Swiss franc.
Japan Times
a day ago
- Business
- Japan Times
Oil soars more than 9% after Israel strikes Iran, rattling investors
Oil prices surged more than 9% on Friday, hitting their highest in almost five months after Israel struck Iran, dramatically escalating tensions in the Middle East and raising worries about disrupted oil supplies. Brent crude futures jumped $6.29, or 9.07%, to $75.65 a barrel by 03:15 GMT after hitting an intraday high of $78.50, the highest since January 27. U.S. West Texas Intermediate crude was up $6.43, or 9.45%, at $74.47 a barrel after hitting a high of $77.62, the loftiest since January 21. Friday's gains were the largest intraday moves for both contracts since 2022 after Russia invaded Ukraine, causing energy prices to spike. Israel said it 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. "This has elevated geopolitical uncertainty significantly and requires the oil market to price in a larger risk premium for any potential supply disruptions," ING analysts led by Warren Patterson said in a note. Several oil traders in Singapore said it was still too early to say if the strike will affect Middle East oil shipments as it will depend on how Iran retaliates and if the U.S. will intervene. "It's too early to tell but I think the market is worried about shutting off of the Strait of Hormuz," one of the traders said. MST Marquee senior energy analyst Saul Kavonic said the conflict would need to escalate to the point of Iranian retaliation on oil infrastructure in the region before oil supply is materially impacted. He added that Iran could hinder up to 20 million barrels per day of oil supply via attacks on infrastructure or limiting passage through the Strait of Hormuz, in an extreme scenario. Iran's Supreme Leader Ayatollah Ali Khamenei said Israel will receive "harsh punishment" following Friday's attack that he said killed several military commanders. U.S. Secretary of State Marco Rubio on Thursday called Israel's strikes against Iran a "unilateral action" and said Washington was not involved while also urging Tehran not to target U.S. interests or personnel in the region. "Iran has announced an emergency and is preparing to retaliate, which raises the risk of not just disruptions but of contagion in other neighbouring oil producing nations too," said Priyanka Sachdeva, senior market analyst at Phillip Nova. "Although Trump has shown reluctance to participate, U.S. involvement could further raise concerns." In other markets, stocks dived in early Asian trade, led by a selloff in U.S. futures, while investors scurried to safe havens such as gold and the Swiss franc.
The Star
a day ago
- Business
- The Star
Oil jumps more than 7% as Israel strikes Iran, rattling investors
Oil prices jumped more than 7% on Friday, hitting their highest in months after Israel said it struck Iran, dramatically escalating tensions in the Middle East and raising worries about disrupted oil supplies. Brent crude futures rose $5.29, or 7.63%, to $74.65 a barrel by 0142 GMT after hitting an intraday high of $75.32, the highest since April 2. U.S. West Texas Intermediate crude was up $5.38, or 7.91%, at $73.42 a barrel after hitting a high of $74.35, the loftiest since February 3. Israel said early on Friday that it struck Iran, and Iranian media said explosions were heard in Tehran as tensions mounted over U.S. efforts to win Iran's agreement to halt production of material for an atomic bomb. "The Israeli attack on Iran has heightened the risk premium further," MST Marquee senior energy analyst Saul Kavonic said. "The conflict would need to escalate to the point of Iranian retaliation on oil infrastructure in the region before oil supply is actually materially impacted," he said, adding that Iran could hinder up to 20 million barrels per day of oil supply via attacks on infrastructure or limiting passage through the Strait of Hormuz in an extreme scenario. Israel's strikes on Iran are aimed at hurting its nuclear infrastructure, its ballistic missile factories and many of its military capabilities, Prime Minister Benjamin Netanyahu said. U.S. Secretary of State Marco Rubio on Thursday called Israel's strikes against Iran a "unilateral action" and said Washington was not involved while also urging Tehran not to target U.S. interests or personnel in the region. "Iran has announced an emergency and is preparing to retaliate, which raises the risk of not just disruptions but of contagion in other neighbouring oil producing nations too," said Priyanka Sachdeva, senior market analyst at Phillip Nova. "Although Trump has shown reluctance to participate, U.S. involvement could further raise concerns." In other markets, stocks dived in early Asian trade, led by a selloff in U.S. futures, while investors scurried to safe havens such as gold and the Swiss franc. IG market analyst Tony Sycamore said the alarming escalation is a blow to risk sentiment in financial markets. "While we await further news and a potential response from Iran, we are likely to see a further deterioration in risk sentiment as traders cut risk-seeking positions ahead of the weekend," he added. - Reuters
Business Recorder
a day ago
- Business
- Business Recorder
Oil soars more than 9% after Israel strikes Iran, rattling investors
prices surged more than 9% on Friday, hitting their highest in almost five months after Israel struck Iran, dramatically escalating tensions in the Middle East and raising worries about disrupted oil supplies. Brent crude futures jumped $6.29, or 9.07%, to $75.65 a barrel by 0315 GMT after hitting an intraday high of $78.50, the highest since January 27. US West Texas Intermediate crude was up $6.43, or 9.45%, at $74.47 a barrel after hitting a high of $77.62, the loftiest since January 21. Friday's gains were the largest intraday moves for both contracts since 2022 after Russia invaded Ukraine, causing energy prices to spike. Israel said it 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. 'This has elevated geopolitical uncertainty significantly and requires the oil market to price in a larger risk premium for any potential supply disruptions,' ING analysts led by Warren Patterson said in a note. Several oil traders in Singapore said it was still too early to say if the strike will affect Middle East oil shipments as it will depend on how Iran retaliates and if the US will intervene. 'It's too early to tell but I think the market is worried about shutting off of the Strait of Hormuz,' one of the traders said. MST Marquee senior energy analyst Saul Kavonic said the conflict would need to escalate to the point of Iranian retaliation on oil infrastructure in the region before oil supply is materially impacted. He added that Iran could hinder up to 20 million barrels per day of oil supply via attacks on infrastructure or limiting passage through the Strait of Hormuz, in an extreme scenario. Iran's Supreme Leader Ayatollah Ali Khamenei said Israel will receive 'harsh punishment' following Friday's attack that he said killed several military commanders. US Secretary of State Marco Rubio on Thursday called Israel's strikes against Iran a 'unilateral action' and said Washington was not involved while also urging Tehran not to target US interests or personnel in the region. Oil prices drop as traders gauge ME tensions 'Iran has announced an emergency and is preparing to retaliate, which raises the risk of not just disruptions but of contagion in other neighbouring oil producing nations too,' said Priyanka Sachdeva, senior market analyst at Phillip Nova. 'Although Trump has shown reluctance to participate, US involvement could further raise concerns.' In other markets, stocks dived in early Asian trade, led by a selloff in US futures, while investors scurried to safe havens such as gold and the Swiss franc.
