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Oil prices surge 10% after Israel launches unilateral airstrikes against Iran
- Israel launched unilateral airstrikes early on Friday targeting Iran's nuclear enrichment and ballistic missile programs at Natanz and other sites.
- The strikes stemmed from rising regional tensions, with Iran threatening to close the Strait of Hormuz and attack US bases if conflict escalates.
- The attacks heightened fears of a wider Middle East conflict, causing airline flight diversions, closed airspace, and a rush to safe-haven assets like gold and yen.
- Oil prices climbed more than 7 percent, surpassing $74 a barrel, amid falling global stock markets, as Prime Minister Netanyahu affirmed that Israel would persist in its efforts to eliminate the threat.
- Analysts cautioned that the conflict could potentially disrupt oil deliveries by as much as 20 million barrels daily, increasing market instability and uncertainty in the near term.
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93 Articles
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Tensions Are Surging Amid Israel-Iran Attacks. So Are Oil Prices
Global oil prices spiked following Israel’s surprise air strikes on Iranian nuclear and military facilities. As of late June 13, futures for the benchmark Brent blend were up more than 7 percent over the previous day, and up 12.5 percent compared to a week earlier. U.S. West Texas Intermediate crude, meanwhile, finished up 7.62 percent—13 percent higher than a week ago. Both blends had their largest intraday moves since 2022 when Russia launched…
Israel's Attack on Iran Bullish for Oil Prices but Unlikely to Last Unless Exports Affected: Report
Get latest articles and stories on Business at LatestLY. Israel's surprise airstrikes on Iranian nuclear sites have rattled global energy markets, sending oil prices soaring and raising concerns about wider regional instability. Business News | Israel's Attack on Iran Bullish for Oil Prices but Unlikely to Last Unless Exports Affected: Report.
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