Oil prices jump on escalating tensions in the Middle East

KTVZ— By Laura He, CNN Hong Kong (CNN) — Oil prices jumped on Friday while Asian markets tumbled, with global investors worrying about an escalation in conflict in the Middle East after explosions were reported near the Iranian city of Isfahan. US crude futures rose 2.1% to trade at $84.5 per barrel during Asian morning trading

CNBC—Middle East escalation could trigger oil price shock that fuels inflation, World Bank warns. Oil prices could rise to $102 per barrel if a major conflict in the Middle East breaks out involving one or more oil producers, according to the World Bank.

The Guardian—Oil price could exceed $100 a barrel if Middle East conflict worsens, World Bank warns. Increase in cost of crude could drive inflation up and force central banks to keep interest rates high• Business live – latest updatesA serious escalation of tensions in the Middle East would push the price of oil above $100 (£80) a barrel and reverse the recent downward trend in global inflation, the World Bank has said.The Washington-based institution said the recent fall in commodity prices had been levelling off even before the recent missile strikes by Iran and Israel – making interest rate...

@cityam—FTSE 100 today: London markets poised for red start as Middle East tensions escalate; investors await more details on the crisis. Middle East tensions rattled markets in the Asian session following ABC News reports of Israeli missile strikes in Iran. Oil and gold prices surged while bitcoin dropped below $60,000. However, an Iranian official denies the missile attack reports, adding to the uncertainty. Market focus now shifts to UK retail sales data and speeches by Bank of England officials Ramsden and Breeden.