Quick overview

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Crude oil futures surged more than 7% on Friday following Israel’s airstrikes against Iran without U.S. approval. Brent crude surged to $74.23 per barrel, while US West Texas Intermediate increased 7.67% to $73.3 a barrel. According to a statement from Israel Katz, the defense minister, Israel launched a preemptive strike against Iran.

The Israeli defense minister proclaimed a special state of emergency in case Iran launched drone and missile attacks in retaliation. Without US backing, Israel had taken “unilateral action against Iran,” as US Secretary of State Marco Rubio clarified. Rubio cautioned Iran not to target US interests.

“Protecting American forces in the region is our top priority, and we are not involved in strikes against Iran,“ Rubio said in a statement. Israel stated the military action was required for its defense.

 Israel attacked Iran, but the US was not involved in the operation or providing support, according to two US officials quoted by Reuters on Thursday.

A state of emergency was proclaimed across Israel by the defense minister.

The White House had threatened to take military action if nuclear talks failed, despite reports that the US was not involved. A crucial response deadline was set for Thursday. Iran had previously promised to retaliate against any assault.