Crude Oil is trading today in the European session below the $83 level.
Friday saw a notable surge in crude oil prices, with a rise of over 4%, propelled by escalating tensions in the Middle East. Specifically, Israel's attack on Iran triggered the spike, pushing prices upward. However, they later receded to approximately $82.3 as investors capitalised on profit-taking opportunities.
The surge in oil prices was instigated by reports of Israeli missiles striking a target in Iran, accompanied by reported explosions at an airport in Isfahan, as per Iran's Fars news agency.