• Friday, June 21, 2024
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Oil prices jump as Israel-Iran conflict deepens

Bureaucracy crimps oil sector as 20 federal agencies stifle operators

The price of Brent crude is now over $90 per barrel, up from $87 shortly after crisis between Israel and Iran intensified.

Oil prices jumped more than 3% on Friday after Israel carried out a strike in Iran, triggering fears of an all out war in the Middle East.

Read also: Iran attack tests limits of US-backed Israeli air defenses

A U.S. official confirmed with NBC News that Israel has conducted operation in Iran.

According to CNN, Iran’s Fars news agency said explosions were heard at an airport in the Iranian city of Isafahan but the cause was not immediately known. Several flights were diverted over Iranian airspace

Details later…