Oil prices surge more than 9%

Oil prices surged by more than 9% on Friday (June 13), hitting their highest levels in over five months, as escalating conflict between Israel and Iran stoked fears of supply disruptions in the Middle East, reports Reuters.

The spike came shortly after Israeli airstrikes targeted Tehran, Iran’s capital, marking a significant escalation in regional tensions. The attack raised concerns over the security of key oil production and shipping routes in the region.

Brent crude futures climbed $6.29, or 9.7%, to $75.65 a barrel by mid-morning trading, the highest since January 27. Meanwhile, U.S. West Texas Intermediate (WTI) crude rose $6.43, or 9.45%, to $74.47 per barrel, reaching its highest level since January 21.

“The Israeli strikes on Iran have injected fresh uncertainty into the oil market, with investors fearing potential disruptions to supply from one of the world’s key energy-producing regions,” analysts said.