Oil Prices Surge Over 11% As Israel's Attack On Iran Raises Supply Fears

Oil prices jumped on Friday after Israel launched airstrikes targeting Iran's nuclear infrastructure and raised concerns over a broader conflict in the Middle East.

According to a CNBC report, citing Israeli Prime Minister Benjamin Netanyahu, Israel struck Iran's nuclear and ballistic missile program, including attacks at the country's main enrichment site at Natanz and its leading nuclear scientists.

Iranian state television has reportedly said that the head of the Islamic Revolutionary Guard Corps, Hossein Salami, was also killed in the strikes.

Brent crude futures gained over 11% to $77.07 per barrel, hitting the highest in over four months, while U.S. West Texas Intermediate crude was up 12.1% at $76.29 per barrel at 10.50 pm ET.

The U.S. signaled that Israel was acting on its own.“We are not involved in strikes against Iran and our top priority is protecting American forces in the region,” Secretary of State Marco Rubio said in a statement.

“Israel advised us that they believe this action was necessary for its self-defense.”

Tensions have remained high in the Middle East over Israel's War in Gaza. Rubio also warned Iran not to attack U.S. personnel or bases in the region.

Netanyahu said the operation would continue for several days as the country braces for Iran's retaliation.

According to a Reuters report, citing MST Marquee senior energy analyst Saul Kavonic, the conflict would need to escalate to the point of Iranian retaliation on oil infrastructure in the region before oil supply is materially impacted.

He added Iran could impact up to 20 million barrels per day of oil supply if it attacks oil infrastructure or blocks passage through the Strait of Hormuz in an extreme scenario.

The United States Oil Fund (USO) was up 1.7% while ProShares Ultra Bloomberg Crude Oil (UCO) was up 2.8% in extended trading.

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