Latest Market Update: Oil prices spike 3% on Middle East tensions.

 Oil prices surged by over 3% amid concerns regarding the situation in the Middle East.

Summary:

In early Asian trade on Friday, oil prices experienced a surge of more than three percent in response to unverified reports of explosions occurring in Iran, Syria, and Iraq. These reports ignited concerns of a potential escalation in the Middle East crisis. West Texas Intermediate climbed by 3.66 percent to $85.76, while Brent increased by 3.44 percent to $90.11. These developments follow a recent missile attack on Israel by Iran, prompting a cautionary statement from Israel's army chief, General Herzi Halevi, who indicated a prepared response.

Oil prices saw a surge of more than three percent during early Asian trading on Friday, driven by unverified reports of explosions in Iran, Syria, and Iraq. This sparked concerns of a potential escalation in the Middle East crisis. West Texas Intermediate experienced a jump of 3.66 percent, reaching $85.76, while Brent rose by 3.44 percent to $90.11.

These reports follow a missile attack on Israel by Iran last weekend, a situation that prompted a warning from Israel's army chief, General Herzi Halevi, who cautioned of a forthcoming response.

Late Saturday, Tehran deployed over 300 ballistic and cruise missiles along with attack drones, the majority of which were intercepted by air defenses. Iranian leaders justified the strike as a legitimate retaliation for a fatal attack on an Iranian embassy building in Damascus, which they attributed to Tel Aviv.

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Source - https://economictimes.indiatimes.com/news/international/business/oil-jumps-more-than-3-on-middle-east-worries/articleshow/109417322.cm