Oil prices rose on Friday amid warnings that Iran is plotting a retaliatory strike against Israel. 

The threat of escalating tensions led to prices rising by more than $2 a barrel, as traders responded to fears that fresh hostilities in the Middle East could disrupt global oil supplies. 

By mid-morning on Friday, the price of Brent crude had risen to $74.64, up from $72.31 on Thursday and $70.90 on Tuesday. 

The recent jump comes amid reports Iran is preparing to launch an attack against Israel within days, potentially from Iraqi territory. 

In a speech on Thursday, Major General Hossein Salami, of Iran’s Revolutionary Guards, said Tehran’s retaliation against Israel would be “unimaginable”. 

It comes after Israel launched airstrikes on Iran last weekend.