2 days ago
Oil Spikes as Israeli Attacks on Iran Stoke Fears of Wider War
Oil surged as much as 13% after Israel carried out waves of military strikes against Iran, raising fears of a wider war in a region that accounts for a third of global crude production.
Brent topped $78 a barrel in the biggest intraday gain since March 2022, following Russia's invasion of Ukraine. Prompt timespreads jumped and the shape of the futures curve pointed to fears of a long drawn-out conflict, while volatility surged. Gold was a beneficiary as investors flocked to havens, rising as much as 1.7% to near a record.
