Global energy markets took a dramatic turn Friday after Israel launched a wave of airstrikes targeting Iran’s nuclear and military facilities. Brent crude jumped more than 9%, surpassing $75 per barrel for the first time since January. U.S. West Texas Intermediate (WTI) crude surged in tandem, reaching highs not witnessed since the beginning of 2025.

The escalation, known as Operation Rising Lion, involved over 200 Israeli jets striking around a hundred sites—among them Natanz and key ballistic missile complexes. While the IAEA reports no radiation leaks, the drone response from Iran triggered widespread airspace closures across the region.

J.P. Morgan analysts warn that the continued conflict could propel oil prices as high as $120 per barrel amid growing disruptions and risk premiums. ING and others confirm escalating geopolitical uncertainty is placing renewed pricing pressure on crude.

Investors flocked to traditional safe havens amid the geopolitical shock: gold rose by 1.3%, and currencies like the U.S. dollar, Japanese yen, and Swiss franc saw sharp gains. Meanwhile, Treasury yields dipped and global equity markets fell as risk sentiment deteriorated.

With U.S.–Iran nuclear talks in Oman now clouded by this military operation, officials and investors alike are watching closely for signs of further escalation.