Oil prices surged more than 9% on Friday, hitting their highest in almost five months after Israel struck Iran, dramatically escalating tensions in the Middle East and raising worries about disrupted oil supplies.

Brent crude futures jumped $6.29, or 9.07%, to $75.65 a barrel by 03:15 GMT after hitting an intraday high of $78.50, the highest since January 27. U.S. West Texas Intermediate crude was up $6.43, or 9.45%, at $74.47 a barrel after hitting a high of $77.62, the loftiest since January 21.

Friday's gains were the largest intraday moves for both contracts since 2022 after Russia invaded Ukraine, causing energy prices to spike.