Oil prices rose almost 9% on Friday, reaching maximums of several months, after Israel launched attacks against Iran, causing Iranian retaliation and increasing concerns about an interruption in oil supply in the Middle East.
Future Brent oil contracts climbed $ 5.6, or about 8%, to $ 75 per barrel, around 8:10 am (Brasília time), after reaching an intraordinary maximum of US $ 78.50, the highest value since January 27.
The West Texas Intermediate oil, traded in the US, climbed $ 5.65, or 8.3%, to $ 73.71, after reaching $ 77.62, its highest level since January 21.
Friday’s gains were the biggest intraordinary movements for both contracts since 2022, after the Ukraine invasion of Russia caused an increase in energy prices.
Israel said it targeted the nuclear facilities of Iran, ballistic missile factories and military commanders on Friday, at the beginning of what warned that it would be a prolonged operation to prevent Tehran from building an atomic weapon, while Iran promised a hard response.
US President Donald Trump urged Iran to agree on his nuclear program to end the “upcoming attacks already planned.”
The National Iranian Oil Refining and Distribution Company said the oil refining and storage facilities were not damaged and continued to operate.
The main concern was whether the latest events would affect Ormuz’s narrow, SEB analyst Ole Hvalbye said. The navigable road had already risked being affected by increased regional conflict, but so far has not been affected, Hvalbye said.
