The consequences of of Israel’s latest attack on Iran has been felt in the oil sector as prices jumped by more than $3 before easing slightly.
At 0615 GMT, Brent futures were up $1.40, or 1.61%, at $88.51 a barrel. The most active U.S. West Texas Intermediate contract climbed $1.38, or 1.68%, to $83.48 per barrel.
VeonewsNG learnt that Israel launched an attack on Iranian soil in retaliation for the over 300 drones and missiles shot by Iran last weekend.
Some market experts have predicted that an Iranian counterattack would escalate tensions in the Middle East and could potentially put some oil supplies at risk.