Oil prices jumped more than 7% on Friday, trading near multi-month highs after Israel launched widescale strikes against Iran, sparking Iranian retaliation and raising worries about disrupted oil supplies.

Oil prices rallied over 7% today after Israeli airstrikes on Iran. This elevated geopolitical uncertainty and requires the oil market to price in a larger risk premium for supply disruption.

Diamondback Energy stock rose 5% and Occidental Petroleum rose nearly 5% as a swathe of energy-related stocks reacted to a jump in crude prices after Israel's attack on Iran. Conoco-Phillips' stock rose 4%, ExxonMobil rose 3% and Chevron gained 2.7%.

Police have urged people not to drive through a large oil slick after a motorist suffered serious injuries in a crash near Boston in Lincolnshire. Officers were called to a collision between a car and a HGV on the A1121 Boardsides, close to the junction with the A17, at about 21:50 BST on Thursday.

Market watchers believe a full-scale disruption of global oil flows by closing the waterway is unlikely, and might even be physically impossible.

The Reserve Bank of India is believed to have sold dollars to support the rupee after a surge in oil prices, triggered by Israeli strikes on Iran, put pressure on the currency, three traders told Reuters on Friday.