Oil Updates – prices surge 3% on reports of Israeli strikes on Iran

LONDON: Oil prices jumped $3 a barrel on Friday in reaction to reports that Israeli missiles had struck a site in Iran, sparking concerns that Middle East oil supply could be disrupted.

The benchmark contracts surged more than $3 then eased slightly. At 5:00 a.m. Saudi time, Brent futures were up $2.63, or 3 percent, to $89.74 a barrel.

The most active US West Texas Intermediate contract climbed $2.56, or 3.1 percent, to $84.66 per barrel.

US news outlet ABC News cited a US official as saying that Israeli missiles had hit a site in Iran.

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