Oil and gold prices jump after Israel launches strikes on Iran

A view of oil-well in action during sunset at Elk Hills Oil Field as gas prices on the rise in California, United States on April 14, 2024. 

Tayfun Coskun | Anadolu | Getty Images

Oil prices jumped more than 3% on Friday in Asia following reports that Israel had carried out an operation in Iran.

A U.S. official told NBC News that Israel is conducting an operation in Iran.

Global benchmark Brent traded 3.63% higher at $90.27 a barrel, while the U.S. West Texas Intermediate rose 3.66% to $85.76 per barrel.

Safe haven assets also rose. Spot gold prices surged to a fresh all-time high of 2,411.09 per ounce, while the yen strengthened 0.45% to 153.93 against the U.S. dollar.

Iran’s Fars news agency reported that explosions were heard near the airport in the Iranian city of Isfahan, and flight tracking site Flight Radar 24 showed that multiple flights were diverted over Iranian airspace early Friday.

This is is breaking news. Please check back for updates.

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