Brent crude oil futures surged nearly 8% toward $75 per barrel on Friday, marking a fresh two-month high after Israel launched a preemptive strike against Iran, fueling concerns over potential supply disruptions. Israel declared a “special situation,” with reports suggesting Iran could soon retaliate against Israeli targets, including civilian areas. The prospect of a broader Middle East conflict threatens to disrupt the Strait of Hormuz, a vital route for about 20% of global oil flows. Adding to geopolitical risks, the US is preparing a partial evacuation of personnel from the region after Iran threatened to target US bases if nuclear talks fail. Further supporting prices, EIA data showed US crude stocks fell more than expected last week, signaling strong demand, while softer US inflation reinforced bets of Fed rate cuts by September, potentially boosting economic growth and oil consumption. For the week, oil is on track for its best performance since late February 2022.