Oil Spikes Amid Israel-Iran Strikes In Biggest Jump Since 2022

Oil prices jumped as Israel and Iran traded air strikes, settling 7 percent higher amid investor fears that the conflict could significantly disrupt oil exports from the Middle East.

Brent crude futures rose 12.5 percent from a week ago.
WTI climbed 13 percent over the same period.

Both benchmarks recorded their largest intraday moves since 2022, when Russia’s invasion of Ukraine triggered a surge in energy prices.

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Brent and WTI (West Texas Intermediate) are the two main global benchmarks for crude oil pricing. Brent, sourced from the North Sea, is used in international markets, while WTI, produced in the US, primarily reflects American market conditions.

Chart: Kenan Cerimagic Source: Reuters