Oil Soars Higher Than $90 After Israel Strike On Iran

Oil jumped after US officials said Israel had struck targets in Iran, with Brent rallying on concerns over the potential for a wider regional conflict that could endanger crude supplies, Yongchang Chin and Elizabeth Low reported for Bloomberg.

The global benchmark surged after unverified reports of explosions in Iran, Syria, and Iraq.

The global benchmark surged after unverified reports of explosions in Iran, Syria, and Iraq. Israel launched a missile strike against Iran, according to two US officials.

An explosion was heard on Friday in the central city of Isfahan, the country’s semi-official Fars News Agency reported. Trading volumes spiked, with about 300,000 lots of Brent and over 260,000 of West Texas Intermediate traded before 11 a.m. Singapore time, far more than usual.

There was also active trading of Brent June call options — which profit when prices gain — centered around strike prices of $90 and $95 a barrel. The premium of call options over put options also surged to the most since early 2022.