Oil prices climbed on Friday morning after Israel launched missile strikes against Iran, with Iranian media saying the country's air defense system took down three drones over the city of Isfahan.
Israel launched missile strikes against Iran in the early morning hours, a U.S. official told ABC News today. The news was later confirmed by Iran ian media, which said the country’s air defense system took down three drones over the city of Isfahan, according to Al Jazeera. Flights to three cities including Tehran and Isfahan were suspended, Iran ian media also reported. The news of the Israel i strike prompted a sharp spike in crude oil prices, which gained $3 per barrel earlier in the day.
Israel’s retaliation for Iran’s missile strikes last week was seen by most as a guarantee of escalation of the Middle East conflict since Iran had warned Tel Aviv that if it retaliates, so will Tehran in its turn and that retaliation would be on a greater scale than the missile strikes from last week. These developments were naturally seen as strongly bullish for oil prices.
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