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Oil prices surge after Israel’s attack on Iran

Traders fear renewed conflict could threaten supplies across the region

Oil prices surged on Friday as Israel’s air strikes against Iran threatened supplies across the region and sparked a rush to haven assets.

Brent crude, the international benchmark, was up 6.5 per cent at $73.89 after earlier spiking more than 12 per cent. West Texas Intermediate, the US benchmark, climbed 6.6 per cent to $2.51.

Michael Alfaro, chief investment officer at Gallo Partners, a hedge fund focused on energy and industrials, said the attack on Iran’s nuclear facilities marked a “seismic escalation” in the conflict.

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