&imwidth=800&imheight=600&format=webp&quality=medium "Oil prices jump to two-month high as tensions escalate in Middle East")
Oil prices jumped more than 12% on Friday (June 13) following news that Israel had carried out strikes on Iran. The development raised concerns over a broader conflict in the Middle East region, potentially disrupting global oil supplies.
West Texas Intermediate, the main US oil contract, soared 12.6 percent to $76.61 per barrel, while Brent North Sea crude jumped 12.2 percent at $77.77.
Both major oil benchmarks surged over 12%—touching highs not seen since January—amid escalating fears of supply disruptions following Israeli strikes on Iran. The latest spike builds on gains earlier in the week as geopolitical tensions intensified.
The shockwaves rippled across global markets. Asian stocks plunged, U.S. and European equity futures fell sharply, and investors rushed into safe havens. Gold soared past $3,400 an ounce, and bond markets rallied as yields dropped.
"The Middle East powder keg just blew the lid off global markets," said Stephen Innes of SPI Asset Management to AFP. “Equity futures are plummeting. Bond yields are sinking. Gold and oil are skyrocketing.”
Brent crude is rapidly approaching the mid-$70s, Innes noted, adding that a direct hit to the Strait of Hormuz—which handles about 20% of global oil flows—could add another $15 to the price.
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“If Iran exercises restraint, markets may bounce back. But if Tel Aviv is hit or Tehran responds aggressively, we could be looking at a scenario that reshapes the global economic outlook for the rest of 2025,” he warned.
Earlier this week, JPMorgan Chase had cautioned that crude prices could surpass $130 a barrel if the conflict spirals into a worst-case scenario.
Israeli Prime Minister Benjamin Netanyahu said in a video statement: "This operation will continue for as many days as it takes to remove this threat.
"We struck at the heart of Iran's nuclear enrichment programme. We targeted Iran's main enrichment facility at Natanz. We also struck at the heart of Iran's ballistic missile programme," he added.
