• Brent crude climbed above $90 a barrel for the first time since October as the conflict in the Middle East showed signs of escalating.
• The global benchmark spiked as much as 2.2% after Israeli Prime Minister Benjamin Netanyahu said at a security cabinet meeting that his country will operate against Iran and its proxies and will hurt those who seek to harm it. President Joe Biden told Netanyahu on a call Thursday that US support for his war would depend on new steps to protect civilians, a shift in position for the US.
• Direct Iranian involvement in the war holds the potential for significant disruptions to global crude supplies, with the country consistently ranking among the world’s 10 largest producers. Meanwhile, Biden has sought to de-escalate and contain the conflict, pressing Netanyahu to implement an immediate ceasefire to improve the humanitarian situation in Gaza.