Oil prices jump on escalating tensions in the Middle East

Oil prices increased on Friday as Asian markets declined amid concerns of escalating conflict in the Middle East. Explosions near the Iranian city of Isfahan raised worries among global investors. US and global crude futures rose, with US crude trading at $84.5 per barrel and Brent crude up by 2%. Ongoing oil disruptions, including the reinstatement of US sanctions on Venezuela’s oil industry and export reductions by Mexico, contributed to market tension. Gold prices also rose as traders sought safe-haven assets. Meanwhile, bitcoin’s price dropped below $60,000 as risk appetite diminished. Asian stock markets experienced significant declines, except for oil suppliers, whose shares surged.