(Bloomberg) — Oil pared an earlier jump, after Iranian media appeared to downplay retaliatory strikes following last weekend’s unprecedented bombardment of Israel.
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Brent crude traded about 2% higher after earlier soaring above $90 a barrel on concerns over the potential for a wider regional conflict that could endanger crude supplies. Israel launched a strike on Iran, according to two US officials, but the Islamic Republic’s semi-official Tasnim news agency denied the reports and said that the Isfahan nuclear facility was safe.
Traders have been girding for an Israeli response to last weekend’s missile and drone attack, with the rhetoric between the two escalating as Tehran warned against striking its nuclear facilities. The Middle East accounts for about a third of global crude supplies.
Haven assets also rose as tensions ratcheted higher. Gold spiked…
