Oil up 6% as Israel strikes avoid oil sites
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Oil prices fell off multi-month highs hit earlier on Friday as Israeli air strikes avoided Iranian oil sites, but prices still up about 6% as investors worried that the tensions could disrupt Middle East oil supplies.
Brent crude futures were up $4.11, or 5.9%, to $73.47 a barrel by 1712 GMT, after earlier soaring over 13% to an intraday high of $78.50, the strongest level since January 27. US West Texas Intermediate crude was up $4.38, or 6.4%, at $72.42, after earlier jumping over 14% to its highest since January 21 at $77.62.
Friday's gains were the largest intraday moves for both contracts since 2022.
The National Iranian Oil Refining and Distribution Company said oil refining and storage facilities had not been damaged and continued to operate.
One primary concern, according to analysts, was whether the latest developments would affect the Strait of Hormuz, said Nikos Tzabouras, senior market analyst at Tradu.com. In other markets, stocks dived and there was a rush to safe havens such as gold and the US dollar and Swiss franc. REUTERS
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