Crude oil futures ended sharply higher on Friday on account of fears of supply disruptions after Israel conducted airstrikes against Iran. Iran has vowed to retaliate heavily. Two-hundred-plus Israeli Air Force fighter jets attacked hundreds of nuclear, military, and infrastructure targets across Iran. This new tension has increased the possibility of a full-blown conflict in the Middle East and consequent rise in oil prices.
Benchmark crude oil futures for July rose $4.94 or about 7.26% at $72.98 a barrel on the New York Mercantile Exchange. Brent crude for August delivery surged $4.87 or 7.02% to settle at $74.23 a barrel on London's Intercontinental Exchange.
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