Oil prices jumped on the news of Israel’s attack on Iranian nuclear sites last Thursday, as traders fretted over the possibility of a larger conflict and disruptions to global oil markets and shipping.
Brent crude, the international benchmark for oil prices, jumped by more than 8%, from $68.61 per barrel the previous day to $74.36 on Friday morning.
The price increase was driven in large part by fears that broader military action could hurt supply from around the Persian Gulf.
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“For now, this is a risk premium — owners will hold back from putting ships into the Gulf on a business-as-usual basis,” Anoop Singh, the global head of shipping research at Oil Brokerage, told Bloomberg.
A spokesperson for Israel said it is the first stage of
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