Crude oil prices jump 4% on reports of Israel strikes on Iran; Brent crude above $90 a barrel

Brent oil, the planetary benchmark, surged 3.94% to $90.54 a barrel, portion the US West Texas Intermediate (WTI) crude futures spiked 4.06% to $86.09.

Oil prices rallied aft reports that Israeli missiles deed a tract successful Iran. As per Iran's Fars quality agency, explosions were heard astatine an airdrome successful the Iranian metropolis of Isafahan.

Isfahan is location to the Iranian military's main airbase and locations related to its atomic programme.

Crude lipid prices person rallied this twelvemonth led by the worsening hostilities successful the Middle East arsenic good arsenic OPEC proviso cuts tightening the market. 

Read here: Israeli retaliatory strikes deed Iran; explosions adjacent airport, flights diverted, says report

Meanwhile, Iran fired aerial defence batteries aboriginal Friday greeting aft reports of explosions adjacent a large airbase astatine the metropolis of Isfahan, the state-run IRNA quality bureau reported. 

It remained unclear if the state was nether attack. However, tensions stay precocious aft Iran’s unprecedented missile-and-drone onslaught connected Israel. The Israeli subject did not instantly respond to a petition for comment.

The rocket launches travel aft Iran launched an violative connected targets astir Israel connected Saturday past week, according to Israeli subject authorities, successful which the federation fired a barrage of implicit 300 unmanned drones and missiles.

(With inputs from Agencies)

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Published: 19 Apr 2024, 08:45 AM IST