Crude oil prices jump  surged by over 3 per cent

Global oil and gold prices have jumped, while shares have slumped after reports of explosions near the Isfahan airport

emerged just minutes after a US official told the Australian broadcaster ABC that Israel had fired missiles on one Iran site.

Brent crude oil prices surged by over 3 per cent to approximately $90 per barrel during Friday morning’s

while the price of gold remained near a new all-time high, surpassing $2,400 per ounce

Following the development in Iran, key stock indices in Japan, Hong Kong, and South Korea experienced declines.

Crude oil prices have surged since the beginning of the year, primarily due to escalating tensions in the Middle East

and ongoing supply cuts by OPEC+. Given that the region contributes approximately one-third of the world’s crude oil output

developments there heavily influence global energy markets

The sustained increase in energy prices could elevate risks for the global economy and present a significant challenge for central bankers worldwide.