By Amanabo Ocholi | Lagos, Nigeria
Global oil markets reacted sharply on Friday after Israel launched a widescale military offensive against Iran, triggering retaliatory threats from Tehran and fueling fears of a broader Middle East conflict that could impact oil supply routes.
Brent crude futures surged by $5.1, representing a 7.4% jump to trade at $74.46 per barrel by 08:43 GMT. Earlier in the day, it reached an intraday peak of $78.50—the highest since January 27.
Similarly, U.S. West Texas Intermediate (WTI) crude also spiked by $5.1, climbing 7.5% to $73.15 per barrel after briefly touching $77.62—its strongest level since January 21.
These are the largest single-day intraday gains in both benchmarks since 2022, when Russia’s invasion of Ukraine rattled global energy markets.
Israel claimed responsibility for the targeted attacks, stating that the strikes focused on Iran’s nuclear facilities, ballistic missile development sites, and military leadership. The country emphasized that the operation is the beginning of a sustained campaign to stop Tehran from acquiring nuclear weapons.
Iran confirmed that its nuclear facility in Natanz had suffered damage. According to Iran’s Atomic Energy Organization, investigations are ongoing, but there is no evidence of chemical or radioactive contamination outside the site.
As tensions rise, market analysts are closely watching for any moves that could threaten the Strait of Hormuz—a critical chokepoint through which nearly 20% of the world’s oil passes.
The global energy sector is now on high alert as fears of prolonged conflict and possible sanctions weigh heavily on future oil supply stability.