Oil prices soar amid Israel air strike on Iran

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Source: Dukascopy Bank SA
Oil prices surged more than 9% on Friday following Israel's airstrike on Iran, marking the highest levels in nearly five months. The dramatic escalation in Middle East tensions has raised serious concerns about potential disruptions to global oil supplies, particularly from a region that plays a critical role in energy markets. Price of crude jumped $6.29, or 9.07%, to $75.65 a barrel, after hitting an intraday high of $78.50 — the highest since late January.



A significant geopolitical catalyst has pushed the price of oil toward the $75.00 range. Further uncertainty and escalation may drive oil prices higher. The 61.8% Fibonacci retracement level may be considered a short-term resistance.
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