Oil prices surge 3% on reports of Israeli strikes on Iran
-Oil prices jumped $3 a barrel on Friday in reaction to reports that Israeli missiles had struck a site in Iran, sparking concerns that Middle East oil supply could be disrupted.futures were up $2.63, or 3%, to $89.74 a barrel. The most active U.S. West Texas Intermediate contract climbed $2.56, or 3.1%, to $84.66 per barrel.
Iran's Fars news agency said explosions were heard at an airport in the Iranian city of Isafahan but the cause was not immediately known. Several flights were diverted over Iranian airspace, CNN reported. The reports have sparked worry that Israel has responded to Iran's drone and missile attack of last weekend, Patterson said.
Investors have been closely monitoring Israel's reaction to the April 13 Iranian drone attacks. The geopolitical risk premium in oil prices had been unwinding this week on the perception that any Israeli retaliation to Iran's attack would be moderated by international pressure.supply, Venezuela lost a key U.S. license allowing the OPEC member to export oil to markets globally. The U.S.
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