Energy Preview: WTI crude oil futures surge nearly 12% amid escalating conflict in the Middle East

WTI crude oil futures registered a massive surge by nearly 12% on Friday morning in Asia after Israel launched an airstrike on Iran and declared a special state of emergency. As per media report, Israel has launched unprecedented attack on Iran, targeting the heart of nation?s nuclear program and senior military leaders. The move plunges the Middle East into fresh uncertainty with the real risk of a wider regional war now breaking out. WTI crude oil futures are currently quoting at $75.73 per barrel, up 11.30% on the day and at its highest level in nearly 5 months. This sustained jump in crude prices could also serve as a wider shock, further complicating the outlook for inflation and growth that countries across the world are already grappling with. The global economy will see the slowest decade for global growth since the 1960s as the effect of Donald Trump's tariffs are felt, the World Bank recently predicted.

Powered by Commodity Insights