Oil prices jump following US strikes on Iran

Al Jazeera:

Global oil prices climbed sharply in early trading today as US air strikes on Iran’s nuclear facilities fuelled fears of potential disruptions to energy supplies.

Both Brent crude and US benchmark WTI rose over four percent at the start of trading, reaching their highest levels since January, AFP reported. However, those gains moderated later, with Brent up 2.2 percent at $79.20 per barrel and WTI 2.1 percent higher at $75.98 around 00:30 GMT.

MUFG economists told AFP that the “high uncertainty surrounding the outcome and length of this conflict” could lead to oil prices rising by as much as $10 per barrel.

Iran, the world’s ninth-largest oil producer, pumps about 3.3 million barrels per day, nearly half of which is exported, with the rest used domestically.