Israel launched widescale strikes against Iran on Friday, saying it targeted nuclear facilities, ballistic missile factories and military commanders during the start of a prolonged operation to prevent Tehran from building an atomic weapon.
Alongside extensive air strikes, Israel's Mossad spy agency led a series of covert sabotage operations inside Iran, Axios reported, citing a senior Israeli official. These operations were aimed at damaging Iran's strategic missile sites and its air defence capabilities.
Iran launched about 100 drones towards Israeli territory in retaliation, many of which have already been intercepted, according to an Israeli military official.
U.S. Secretary of State Marco Rubio called the Israeli offensive a "unilateral action" and said that Washington was not involved.
Market reaction was swift. Crude prices jumped on Friday, amid fears that Israel's strike could spark additional Iranian retaliation that could disrupt oil supplies.
Brent crude futures hit an intraday high of $78.50 per barrel, the highest since January 27, before settling back down around $74. Meanwhile, U.S. West Texas Intermediate crude reached a high of $77.62, its highest level since January 21, before settling back above $73 a barrel.
A key investor concern now will be whether the latest developments will cause Iran to disrupt transit in the Strait of Hormuz. About a fifth of the world's total oil consumption passes through the strait, or some 18 to 19 million barrels per day (bpd) of oil, condensate and fuel.
As geopolitical tensions rose, Gold climbed as high as $3,444.06 per ounce, bringing it close to the record high of $3,500.05 from April.
"Traders are now on edge over the prospects of a full-blown Middle East conflict," said Matt Simpson, a senior market analyst at City Index. "That will keep uncertainty high and volatility elevated."
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