Oil Prices Soar High After Iran-Israel War

(3 Minutes Read)

The price of a barrel of benchmark US crude jumped 6.4% in morning trading to USD 72.39 – some of the highest prices in many months. Brent crude, the international standard, rose 6.6% to USD 73.94 a barrel. Oil stocks fell across the globe. 

Oil prices soared on Friday while stocks fell over concerns that Israel’s attack on Iran could spiral into a wider war and damage the flow of crude around the world.

Iran is one of the world’s major oil producers and China its largest customer. Despite Western sanctions, a slowdown in Iranian oil could keep the price of crude and gasoline higher for buyers everywhere.

The price of a barrel of benchmark US crude jumped 6.4% in morning trading to USD 72.39 – some of the highest prices in many months. Brent crude, the international standard, rose 6.6% to USD 73.94 a barrel. Oil stocks fell across the globe.

On Wall Street, the Dow Jones Industrial Average was down 1.4% at 10 am on Friday, but recovered some losses as the morning went on. The S&P 500 was down 0.9% and the Nasdaq composite was 0.9% lower. In Europe, France’s CAC and Germany’s DAX lost just over 1%, while Spain and Italy closed 1.3% down. London’s FTSE 100 Index closed 0.4% below Thursday’s record high.

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Some of the biggest losers on both sides of the Atlantic were airlines, after a number of Middle Eastern countries closed their airspace to commercial flights. Turkish Airlines fell 6%, while Air France KLM and British Airways parent company IAG lost more than 4%.  United Airlines was down 4.4%, and Delta Airlines was down 4%.