Oil prices have surged dramatically following Israel’s unexpected strike on Iran, igniting fears of supply disruptions in the oil-rich Middle East and sending shockwaves through global financial markets.
The attack has escalated tensions in the Middle East region, with Brent crude soaring 7.4% to $78.49 a barrel and West Texas Intermediate (WTI) crude climbing 7.86% to $77.39 a barrel—the highest levels in nearly five months.
The Israeli strike targeted Iranian nuclear facilities in Natanz, Tehran, Tabriz, and several locations in Kermanshah, according to Iranian state television. Tehran condemned the attack as a violation of its territorial integrity and national sovereignty, accusing Israel and the United States of coordinating the operation.
Israeli Defence Minister Yisrael Katz confirmed the strike, and Israeli military radio reported a nationwide state of emergency. The escalation has intensified concerns in financial markets already strained by global economic pressures, partly fueled by aggressive trade policies under U.S. President Donald Trump.
The attack coincides with stalled diplomatic efforts between Washington and Tehran over Iran’s nuclear program. U.S. and Iranian officials, along with Omani mediators, were set to meet in Muscat for talks on Iran’s uranium enrichment activities, but the strike has likely derailed these negotiations.
Adding to the tension, U.S. officials announced plans to evacuate non-essential staff from the American embassy in Baghdad due to regional instability. Similar evacuations are being considered for personnel in Bahrain and Kuwait, with the U.S. Department of Defense preparing to assist in a potential evacuation from Baghdad.
The Israel-Iran conflict has not only driven oil prices to new heights but also raised alarms about the broader implications for the global economy. As Middle East tensions continue to escalate, the world watches anxiously, hoping for a resolution that can stabilize the region and avert further economic turmoil.
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