UPDATE: Confirmed Israeli strike on Iran sends oil prices soaring

Updated Friday Morning:

The strike on Iran was confirmed late Thursday evening, with Israeli state media saying officials had been evacuated into safer locations in case of retaliatory action.

Explosions had been heard in Tehran, the capital of Iran, Thursday night and social media video showed scenes of smoke and debris.

Stay tuned to FreightWaves for more updates on how oil markets respond to the growing conflict.

Original story:

Oil prices climbed sharply on Thursday evening following reports suggesting a possible Israeli military action against Iran. The potential for escalating conflict in the Middle East has heightened concerns over disruptions to global crude supply, fueling market volatility.

West Texas Intermediate (WTI) crude futures rose by more than 3%, briefly trading above $72 per barrel in early market activity.

The surge comes amid unconfirmed reports that Israel may have launched a strike targeting Iranian nuclear facilities. Market participants have reacted swiftly to the geopolitical tension, fearing that an escalation could impact oil flows from the region. The Strait of Hormuz, a critical chokepoint for approximately one-fifth of global oil supply, remains a focal point of concern should hostilities intensify.

Energy traders and logistics providers are closely monitoring the situation as further developments could significantly influence shipping routes, fuel costs, and supply chain stability. Analysts caution that any confirmation of military activity or retaliation from Iran could drive prices even higher in the near term.

President Trump warned of a potential attack on Thursday, saying it “could well happen,” according to The Washington Post.

As of this writing, neither Israeli nor Iranian officials have issued formal statements confirming the alleged strike.

This is a developing story.

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