Israel-Iran conflict: Oil Prices Soar (image:Pixbay)

Following Israeli military strike on Iran, oil prices increased more than 12 percent on Friday, fuelling fears over oil supplies disruptions due to intensifying tensions in Middle East.

The US West Texas Intermediate (WTI), the main US oil contract, increased 13.48% to $77.21, while Brent crude oil jumped 12.82% to $78.25 a barrel.

Also Read | ‘Israel Sealed A Bitter And Painful Destiny For Itself’: Ayatollah Khamenei

Israel on early Friday launched airstrikes on Iran’s capital, Tehran, targeting Iranian nuclear and military sites. Termed as ‘Operation Rising Lion’, the attack came amid escalating tensions regarding Iran’s nuclear programme.

During the strikes, Iran’s Revolutionary Guards Commander Hossein Salami, Senior Revolutionary Guards commander Gholam Ali Rashid and top nuclear scientists were also killed.

Defence Minister Israel Katz acknowledged the attack and warned of retaliation.

Reacting to the attack, Iran’s Supreme Leader Khamenei said Israel has ‘unleashed its wicked and bloody hand’ in a crime against Iran

Following the attack, Iraq closed its airspace and suspended air traffic across the country, state media reports. Meanwhile, expecting a missile and drone attack, Israel has also declared a state of emergency.

Meanwhile, US said that they were not involved in the strikes. US Secretary of State Marco Rubio said in a statement that “We are not involved in strikes against Iran and our top priority is protecting American forces in the region.”

“Let me be clear: Iran should not target U.S. interests or personnel,” he said.

Also Read | ‘Operation Rising Lion’: Isreali Military Offensive Against Iran’s Nuclear Sites

As per the latest reports shared by Middle East Observer, Iran has launched drones against Israel amid the ongoing tension after Israel launched military strikes against Iran’s military and nuclear sites. The Israeli regime has carried out strikes in and near the Iranian capital, Tehran, as well as other cities in Iran.