Oil prices surged by nearly 4 percent following reports of Israel launching missile attacks on targets in Iran. International media outlets reported explosions in Isfahan province, central Iran, heightening tensions in the region.
Israel's actions were seen as a response to missile and drone attacks by Iran the previous weekend. These attacks were themselves retaliation for an assault that killed senior Iranian security officials at their embassy in Syria, allegedly carried out by Israel.
A US official confirmed to ABC News that Israel conducted a strike inside Iran, corroborating reports of explosions in the Asian country.
Additionally, there were reports of blasts in Iraq and southern Syria, indicating a broader escalation of hostilities.
As a precautionary measure, commercial flights were rerouted as parts of Iranian airspace were closed. Iran, in response, activated its air defense systems to safeguard its territory.
The impact of these developments was immediately felt in the oil market, with Brent crude prices surging to over $90 per barrel, up from $87 before the strike.
The uncertainty surrounding the situation in the Middle East contributed to the spike in oil prices, raising concerns about potential disruptions to global energy supplies.
As tensions continue to escalate, this remains a developing story with implications for regional stability and international relations. The situation is being closely monitored as events unfold.
