Oil prices surged on Friday as Israel’s air strikes against Iran threatened supplies across the region and sparked a rush to haven assets.
Brent crude, the international benchmark, was up 6.5 per cent at $73.89 after earlier spiking more than 12 per cent. West Texas Intermediate, the US benchmark, climbed 6.6 per cent to $2.51.
Michael Alfaro, chief investment officer at Gallo Partners, a hedge fund focused on energy and industrials, said the attack on Iran’s nuclear facilities marked a “seismic escalation” in the conflict.
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