Oil prices surged over 3% following Israel’s limited military strike against Iran, sparking concerns of an escalating conflict in the Middle East. The price of global benchmark Brent reached $88.62 a barrel, while U.S. West Texas Intermediate rose to $84.10 per barrel.
As tensions in the region mounted, safe haven assets such as spot gold reached a record high of $2,411.09 per ounce, and the Japanese yen strengthened 0.45% against the U.S. dollar.
Iran’s Fars news agency reported explosions near Isfahan airport, leading to the suspension of flights to Tehran, Isfahan, and Shiraz airports. Flight Radar 24 showed numerous flights being diverted.
However, a Telegram channel linked to the Islamic Revolutionary Guard Corps denied reports of explosions on the ground in Isfahan, attributing the sounds to Iran’s defense systems. Iran’s armed forces also reassured that nuclear facilities in the province were secure.
The strike and its aftermath have raised concerns about the potential for a broader conflict in the Middle East, with impacts on oil prices and global market stability. The situation remains fluid, with observers closely monitoring developments for further escalation. Stay tuned to Jala News for the latest updates on this evolving story.
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