From Investing.com: 2025-06-13 08:37:00

Oil prices surged over 6% after Israel’s strike on Iran’s nuclear facilities, with Brent crude futures reaching $73.96 per barrel and WTI climbing to $73.03 per barrel, the highest levels since January 2025. The attacks heightened Middle East tensions and raised concerns about global oil supply disruptions.

Israel’s strike on Iran’s nuclear facilities marked a significant escalation in regional tensions, targeting key facilities and military commanders. Iran’s Supreme Leader vowed harsh punishment, sparking fears of wider conflict and potential disruptions to critical economic infrastructure. The Trump administration sought to distance itself from the action.

The surge in oil prices saw Brent crude futures hit $78.50 and WTI reach $77.62 per barrel before settling lower. Gasoline and natural gas prices also rose significantly. Analysts warned of potential market volatility depending on how the conflict between Israel and Iran unfolds, with concerns about disruptions to oil supplies.

Market analysts noted the $10 per barrel price increase over three days did not reflect any actual drop in Iranian oil production. WTI Midland and Middle Eastern crude blends saw gains despite the geopolitical uncertainty. The strategic importance of the Strait of Hormuz, through which a significant portion of global oil consumption passes, remains a focal point for market concerns.



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