WEB DESK: Israel launched targeted airstrikes on Iranian nuclear facilities early Friday morning, triggering a sharp spike in global crude oil prices.
The Brent crude benchmark soared by 13%, its largest single-day increase since 2020, sending shockwaves through commodity markets.
The strikes, dubbed “Operation Rising Lion,” targeted key nuclear sites at Natanz and Khondab, along with military installations across Tehran. The escalation has heightened fears of broader conflict in the Middle East, with traders rushing to hedge positions amid increased volatility.
As a result of the surge, Brent crude broke the $78 per barrel level, prompting panic among short sellers and causing trading volumes to triple, driven by algorithmic buy programs.
The rally reflects growing concerns over supply disruptions, especially considering Iran’s approximate 3.3 million barrels per day (bpd) output, with 90% of its exports routed through the vulnerable Kharg Island terminal.
