Israel’s strikes against Iran have threatened to ignite a regional conflict that disrupts oil supplies across the Middle East, with traders reviving the decades-old question of whether Tehran could respond by closing the vital industry chokepoint at the Strait of Hormuz.
Brent crude, the global benchmark, surged 12 per cent to a high of $78.5 a barrel in the early hours of Friday morning after Israel launched dozens of strikes against Iran’s nuclear programme and military facilities, killing at least two top commanders.
Prices fell back to $75 a barrel as it became clear that Israel had stopped short of targeting Iran’s oil infrastructure, but traders said prices could move significantly higher depending on how Tehran retaliates.
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