Following the escalation of conflict between Israel and Iran, the price of Brent crude has risen to $90.54 per barrel, up from $87 just days ago.
On Friday, oil prices experienced a significant 3.94% increase as Israel conducted a retaliatory strike in Iran, sparking concerns of a potential full-blown war in the Middle East.
Additionally, US West Texas Intermediate (WTI) crude futures saw a spike of 4.06%, reaching $86.09.
A US official, speaking to NBC News, confirmed Israel’s retaliatory operation in Iran. Reports suggest that explosions were heard at an airport in Isfahan, leading to the diversion of several flights over Iranian airspace.
Notably, just five days prior, Iran had launched hundreds of drones towards Israel.