"Israeli Strikes on Iran Drive 3% Surge in Oil Prices"

Oil prices surged by $3 a barrel in reaction to reports of Israeli strikes on Iran, following concerns of potential disruptions to Middle East oil supply. The benchmark contracts for Brent and U.S. West Texas Intermediate climbed by over 3%, with worries over further escalation and potential oil supply risks. The reports stemmed from Israeli missiles hitting a site in Iran, sparking worry of a response to Iran's recent drone and missile attack. Additionally, Venezuela lost a key U.S. license for oil exports, and the U.S. announced sanctions on Iran, excluding its oil industry.