By Abiola Olawale
Global oil markets are on edge as oil prices have begun to soar following the ongoing conflict between Iran and Israel.
According to reports, Brent crude has soared by 7%, reaching close to $75 per barrel, marking the largest single-day jump since March 2022.
The development comes amid an escalating crisis, fueled by Israel’s airstrikes on Iran and Iran’s reported retaliatory attack.
The crisis was said to have ignited fears, leading to supply disruptions in the volatile Middle East, a region that pumps over 30% of the world’s oil.
Although no immediate disruptions to oil flows have been reported as of press time, some energy analysts have warned that further escalation could threaten regional energy infrastructure.
The New Diplomat reports that this comes after Israel’s military reportedly unleashed over 200 fighter jets, dropping more than 330 munitions on over 100 targets across Iran, including the Natanz nuclear enrichment facility.
According to reports, the attack on Israel’s Operation Rising Lion delivered a devastating blow to Iran’s military hierarchy.
Among the casualties were General Hossein Salami, commander of the Islamic Revolutionary Guard Corps, Major General Mohammad Bagheri, Iran’s highest-ranking military officer, and Ali Shamkhani, a key advisor to Supreme Leader Ayatollah Ali Khamenei.
Iranian state media reported six nuclear scientists were also killed, further.
Iran responded with fury, launching over 100 drones toward Israel in a retaliatory strike, though Israeli forces claimed to have neutralized most of them.
