Crude oil prices jumped over 5% on early Friday after Israel began carrying out strikes on Iran, with the global benchmark Brent oil rising above the $73 per barrel.

Brent crude oil spiked 5.35% to $73.07 a barrel, while the US West Texas Intermediate (WTI) crude futures rallied 5.86% to $72.03.

An Israeli military official has confirmed the attack, saying that it has targeted “dozens” of sites across Iran, Reuters reported. Israeli military said it has launched a preemptive strike against Iran’s nuclear program.

According to a report by Axios, Israel’s defense minister declared a state of emergency throughout Israel. Iran had previously vowed to respond to any attack.

(This is a developing story. To be updated)