Oil Prices Surge Over 6% Following Israeli Strike on Iran

PUKMEDIA

Oil prices.

Oil prices soared more than $4 a barrel on Friday, 13 June 2025, reaching their highest levels in nearly five months, after Israel launched air strikes on Iran, as the escalation in Middle East tensions has sparked fears of potential disruptions to global oil supplies.

According to Reuters, Brent crude futures rose by $4.60, or 6.63%, to $73.96 per barrel by 06:12 GMT, after touching an intraday high of $78.50—the highest level recorded since 27 January. Meanwhile, U.S. West Texas Intermediate (WTI) crude climbed $4.99, or 7.33%, to $73.03 per barrel, having earlier reached $77.62, the highest since 21 January.

Friday’s surge marked the sharpest intraday gain for both benchmarks since 2022, when Russia’s invasion of Ukraine sent energy markets into turmoil.

The Israeli government stated that the strikes targeted Iranian nuclear facilities, ballistic missile factories, and military commanders, signalling the beginning of what it described as a sustained campaign to prevent Tehran from acquiring a nuclear weapon.

Oil traders in Singapore noted that it remains too early to assess whether the Israeli strike will materially affect oil shipments from the Middle East. Much, they said, will depend on Iran’s response and whether the United States becomes directly involved in the unfolding crisis.



PUKMEDIA