Nigeria, June 13 -- The price of crude oil jumped more than $4 a barrel on Friday, hitting its highest price in almost five months after Israel struck Iran.

Brent crude futures jumped $4.60, or 6.63 per cent, to $73.96 a barrel by 0612 GMT after hitting an intraday high of $78.50, the highest since 27 January. US West Texas Intermediate crude was up $4.99, or 7.33 per cent, at $73.03 a barrel after hitting a high of $77.62, the highest since 21, Reuters reported.

A statement released by the White House earlier on Friday said, "Tonight, Israel took unilateral action against Iran."

The strikes immediately triggered a sharp reaction in global markets, as traders factored in the potential for significant supply disruptions from a region re...