Oil prices shot up dramatically on Friday after Israel launched strikes against Iran, creating the biggest one-day price increase in nearly three years. The attacks have made investors worry about oil supplies from the Middle East being disrupted.
Brent crude oil, which is used as a global benchmark, jumped $6.29 to reach $75.65 per barrel by early Friday morning. At one point during the day, it hit $78.50 – the highest price since 27 January. This represents a 9% increase in just one day.
American oil prices also surged. West Texas Intermediate crude climbed $6.43 to $74.47 per barrel, after reaching a peak of $77.62 – the highest since 21 January. This was a 9.45% jump.
