Iran’s Supreme Leader Ayatollah Ali Khamenei speaks during a meeting in Tehran, Iran, May 20, 2025. Office of the Iranian Supreme Leader. Office Of The Iranian Supreme Le | Via Reuters
Crude oil futures jumped as much as 13% Thursday evening after Israel launched airstrikes against Iran without U.S. support.
U.S. West Texas Intermediate was last up 9.66% at $74.64 per barrel, while global benchmark Brent surged 9.27% to $75.79 per barrel, setting them on course for the largest single-day gains since 2020.
Israel launched a “targeted military operation” against Iran’s nuclear and ballistic missile program, Israel Prime Minister Benjamin Netanyahu said in an address. Israel hit Iran’s main enrichment site at Natanz, its leading nuclear scientists, and struck the heart of its ballistic missile program, Netanyahu said.
“This operation will continue for as many days as it takes to remove this threat,” Netanyahu said.
U.S. Secretary of State Marco Rubio made clear that Israel had taken “unilateral action against Iran” without U.S. support. Rubio warned Iran against targeting U.S. interests.
“We are not involved in strikes against Iran and our top priority is protecting American forces in