Oil prices at $120

Largest single-day move since March 2022

- WILSON SY

Oil prices posted their biggest single-day gain in more than two years as Israel launched air strikes against Iran, causing fears that a wider conflict in the Middle East could disrupt global oil supplies. Oil traders viewed the Israeli strikes as the most significant geopolitical event since the onset of Russia's war in Ukraine.

Largest single-day move since March 2022 West Texas Intermediate (WTI) crude futures jumped by 7.3 percent to settle at $72.98 per barrel last Friday, while Brent crude futures rose by seven percent to $74.23. Both benchmarks surged as much as 14 percent and 13 percent, respectively, during intraday trading, marking the largest single-day moves since March 2022 when Russia's invasion of Ukraine sent energy markets into turmoil.

Israel targets nuclear facilities Israel said it had targeted Iran's nuclear facilities, ballistic missile factories and military commanders on Friday at the start of what it warned would be a prolonged operation to prevent Iran from building an atomic weapon. US Secretary of State Marco Rubio said Israel had taken a "unilateral action against Iran" without US support.