Oil prices hit record highs after Israel attacks Iran - Economist

Oil extends gains to record high after Israel attacks Iran

Oil prices hit record highs after Israel attacks Iran

Oil prices jumped about 7% to settle on Friday, June 14, extending their weekly gains to reach their highest levels in several months after Israel launched attacks on Iran, prompting Tehran to retaliate and rekindling concerns about oil supply disruptions in the Middle East.

Brent crude futures rose $4.87, or 7.02%, to settle at $74.23 a barrel, after hitting an intraday high of $78.50, the highest since January 27.

US West Texas Intermediate crude rose $4.94, or 7.26%, to settle at $72.98, after hitting $77.62 during the session, its highest level since January 21.

Friday's gains were the largest daily moves for both crudes since 2022, after Russia's invasion of Ukraine sent energy prices soaring.

Israel said it targeted Iranian nuclear facilities, ballistic missile factories, and military leaders on Friday, beginning what it warned would be a long-term operation to prevent Tehran from developing a nuclear weapon.