BREAKING: Oil jumps 1% on geopolitical headlines

Oil prices jumped following a Bloomberg reports on potential the Middle East escalation. According to media reports, United States see a retaliatory missile strikes on Israel by Iran and its proxies in the region as imminent. 

While markets sighted in a relief at the beginning of this week due to Iran not retaliating for an Israeli strike on a consulate in Damascus, the risk has not faded and Iran repeated that it will retaliate. US intelligence sees retaliation as imminent. This would be a big escalation as Israeli officials have already said that they have means to strike targets in Iran. A direct clash between Iran and Israel will have a massive consequence for the Middle East, as well as global oil markets.

Oil prices jumped around 1% on the news, while oil moved around 0.6% higher. Japanese yen also gain following Bloomber report.

Source: xStation5