Oil jumps more than 10% as tensions escalate between Israel and Iran.

Oil prices jumped by more than 10% in early Friday trading following Israeli strikes on Iran, amid global concerns over escalating tensions in the Middle East and the possibility of disruption to global energy supplies.

Brent crude futures rose by $7.60 per barrel, a 10.87% increase to reach $76.96, while U.S. West Texas Intermediate crude climbed by $7.98, a 11.73% rise to $76.02 per barrel, at 04:02 GMT.

According to a military source, Israel targeted nuclear facilities and multiple military sites inside Iran in dozens of strikes carried out early today, with Israeli officials suggesting that Tehran could retaliate at any moment.

Meanwhile, the international community awaits the sixth round of U.S.-Iranian talks on the nuclear program, expected to take place in Oman on Sunday, with delegations from both countries and Omani mediators participating.

This comes amid repeated warnings from U.S. President Donald Trump of strikes against Tehran if these talks fail.

Concerns have grown over disruptions to navigation in vital waterways, especially the Strait of Hormuz, where the British Maritime Trade Operations warned of a potential increase in military activity in the region.

JP Morgan bank also predicted oil prices could reach $120 or even $130 if the strait is closed, although the likelihood of this scenario remains low.

On the other hand, the Board of Governors of the International Atomic Energy Agency accused Tehran of violating its commitments related to preventing the spread of nuclear weapons, in a decision unprecedented in nearly twenty years.

Simultaneously, U.S. sources confirmed that Special U.S. Envoy Steve Weinberg will meet with Iranian Foreign Minister Abbas Araghchi in Oman to discuss Iran's response to the U.S. proposal regarding the nuclear agreement.