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They've since come off highs and were trading almost 8% higher at about $73 a barrel at 8:30 a.m. ET.International benchmark Brent crude oil futures gained as much as 13% and were up about 7% above $74.

Israeli airstrikes targeting Tehran’s energy infrastructure have escalated the conflict with Iran, igniting major fires, disrupting global oil markets, and heightening fears of a wider regional war.