♦️ Oil prices recorded a sharp increase of nearly 7% on Friday, reaching their highest levels in several months, following Israel's airstrikes on Iran, which sparked retaliatory responses from Tehran and heightened concerns about potential disruptions in oil supplies from the Middle East.
♦️ Brent crude futures rose by $4.57, or about 6.59%, to $73.93 per barrel at 13:52 GMT, after hitting a session high of $78.50, the highest since January 27.
♦️ US West Texas Intermediate crude also climbed by $4.53, or 6.66%, to $72.57, after reaching $77.62 earlier in the session, the highest level since January 21.
♦️ This marks the largest daily increase in oil contracts since 2022, when Russia's invasion of Ukraine caused a surge in global energy prices.
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