Oil prices jump over 3%, near $90 on reports of explosions in Iran
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Oil prices rose sharply in Asian trade on Friday as tensions in the Middle East came back into focus after Iranian news agencies reported several explosions across the country, indicating potential strikes by Israel. Brent oil futures expiring in June surged nearly 3% to $89.74 a barrel, while West Texas Intermediate crude futures expiring in May jumped 3% to $85.16 a barrel. The explosions were heard in Isfahan in central Iran, in parts of southern Syria, and in parts of Iraq. Israel's potential retaliation marks an escalation in the Middle East conflict, and saw traders racing to reintroduce a risk premium back into oil prices. The location of the explosions, particularly in Isfahan, indicated that Israel may have also targeted Iran's nuclear facilities. Potential Israeli strikes on Iran come nearly a week after Iran launched a missile and drone strike against Israel last week, which was in retaliation for an alleged Israeli strike on an embassy in Damascus.
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