From Yahoo Finance: 2025-06-13 11:22:00

Oil prices surged 7% after Israel strikes Iran, escalating tensions. Analysts warn prices could exceed $90/barrel if conflict expands. Goldman Sachs estimates 1.75M bpd of Iranian supply could be disrupted, pushing Brent to $90/bbl before dropping back to $60s. Risk of demand destruction remains a concern, limiting prolonged price spikes.

Iran calls Israel’s strikes a “declaration of war,” launching drone attack. President Trump urges Iran to negotiate a deal over nuclear program to prevent further conflict. Concerns of escalating tensions and potential missile onslaught loom. Ines Ferre is a Senior Business Reporter for Yahoo Finance.

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Read more: Oil prices could top $90 as Israel-Iran conflict escalates tensions in Middle East