Many options exist to shape Kremlin’s decisions — Ukrainian diplomat
Oil prices surge over 7% after Israeli strikes on Iran
Oil prices jumped over 7% on Friday, June 13, after reports surfaced of Israeli strikes in Iran. The surge, the biggest in months, raised fears of potential disruptions to global oil supplies
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The Guardian reported the information.
Brent crude futures rose by $5.29 (or 7.63%) to $74.65 per barrel, reaching an intraday high of $75.32 — the highest level since April 2. The price of American West Texas Intermediate crude increased by $5.38 (or 7.91%) to $73.42 per barrel after hitting a daily peak of $74.35.
“The Israeli attack on Iran has heightened the risk premium further,” said Saul Kavonic, senior energy analyst at MST Marquee.
He added that “the conflict would need to escalate to the point of Iranian retaliation on oil infrastructure in the region before oil supply is actually materially impacted.” In an extreme scenario, Iran could disrupt the supply of up to 20 million barrels per day — either through attacks on infrastructure or by restricting passage through the Strait of Hormuz.
- On the night of June 13, Israel launched a large-scale operation against Iran and carried out preemptive strikes on its nuclear and military facilities.
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