Crude oil prices surged on Friday after Israel launched a major preemptive airstrike on Iran, escalating fears of broader Middle East conflict and potential supply disruptions. Brent futures rose over 9% to $75.15 per barrel, while WTI crude peaked at $74, a 10% gain. This marks the first time crude has exceeded Nigeria’s federal budget benchmark of $75 per barrel, improving the naira outlook.Israel’s strike targeted multiple Iranian military and nuclear facilities. Defense Minister Israel Katz warned of possible Iranian retaliation, including drone attacks.
Prime Minister Netanyahu claimed Iran is developing tens of thousands of ballistic missiles, posing a severe threat even without nuclear warheads.U.S. and Iranian negotiators were scheduled to meet in Oman on Sunday to discuss Iran’s nuclear program, but President Trump expressed skepticism about reaching a deal. Meanwhile, Israel continued its military operations in Iran, targeting nuclear and military sites, with reports confirming the death of top Iranian officials, including Hossein Salami of the Islamic Revolutionary Guard Corps.
Iran vowed a strong and decisive response, with retaliation plans under high-level discussion. The conflict has intensified geopolitical tensions in the region.Additionally, strong U.S. economic data—highlighting solid job growth and subdued inflation—boosted crude oil prices, with expectations rising that the Federal Reserve may consider rate cuts later this year.
