Oil jumps more than 3% on Middle East worries

Oil prices surged more than three percent in early Asian trade on Friday following unconfirmed reports of explosions in Iran, Syria and Iraq, sparking fears of an escalation of the Middle East crisis.

West Texas Intermediate jumped 3.66 percent to $85.76 and Brent rose 3.44 percent to $90.11.

The reports come after a missile attack on Israel by Iran last weekend that Israel's army chief General Herzi Halevi warned would be met with a response.


Tehran unleashed more than 300 ballistic and cruise missiles and attack drones late Saturday, most of which were repelled by air defences.

The country's leaders said the strike was a legitimate response to a deadly attack on an Iranian embassy building in Damascus that it blames on Tel Aviv.