The Voice News: The direct aerial attacks between Israel and Iran have sparked concern among investors, causing crude oil prices to surge by 7% in global markets on Friday (13 June). The conflict has raised fears of significant disruptions to global oil exports from the Middle East. British news agency Reuters reported the development.
On Friday, Brent crude closed at $74.23 per barrel, an increase of $4.87 or 7.02% from the previous day. At one point during the day, prices soared by as much as 13%, reaching $78.50 per barrel—the highest since 27 January. For the week, Brent prices rose by 12.5%.
Meanwhile, the price of U.S. West Texas Intermediate (WTI) crude rose to $72.98 per barrel, up $4.94 or 7.62%. During the session, prices surged up to 14%, peaking at $77.62—the highest since 21 January.
Following Russia’s invasion of Ukraine, global fuel prices had already risen significantly. Friday marked the first time since then that oil prices spiked so sharply in a single day.
Israel has claimed that it has launched a “long-term military operation” targeting Iran’s nuclear facilities, missile production centers, and military commanders.
In retaliation, Iran has also responded with counterattacks. According to U.S. media, shortly after markets closed on Friday, Iranian missiles struck several buildings in Tel Aviv. Explosions were also reported in southern Israel.
U.S. President Donald Trump has urged Iran to reach a deal regarding its nuclear program in order to halt “planned future attacks.”
Iran’s National Oil Refining and Distribution Company stated that its refineries and storage facilities were not damaged and remain fully operational.
As a member of the Organization of the Petroleum Exporting Countries (OPEC), Iran currently produces approximately 3.3 million barrels of oil per day, of which about 2 million barrels are exported. According to analysts and OPEC observers, the spare production capacity of OPEC and its allies (such as Russia) could offset any potential disruption and is roughly equivalent to Iran’s current output.
Analysts warn that if the situation worsens, shipping through the Strait of Hormuz could be disrupted. About one-fifth of the world’s oil supply—roughly 18–19 million barrels per day—passes through this strategic waterway.
Rabobank noted in a statement, “Saudi Arabia, Kuwait, Iraq, and Iran all rely almost entirely on this narrow strait for their oil exports.”
Société Générale analyst Ben Hoff said that so far, Israel has not targeted Kharg Island, Iran’s primary energy infrastructure hub, from which an estimated 90% of Iran’s crude oil is exported.
He added, “This points to a scenario where, based on a ‘fuel-for-fuel retaliation’ doctrine, if one side’s oil infrastructure is attacked, the other may respond in kind.”
Analysts noted on Friday that any attempt by Iran to blockade the Strait of Hormuz could result in severe consequences.
J.P. Morgan analysts commented that Iran’s economy is heavily dependent on maritime oil exports, making free access to the Strait of Hormuz absolutely essential for the movement of goods and vessels.
They further warned, “If the Strait of Hormuz is closed, it could have negative consequences for Iran’s relationship with China—its only major oil buyer.”
Meanwhile, the volatility in the oil market has spread to other sectors as well. Stock markets have seen major declines. Investors are fleeing risky assets in favor of safe havens like gold. In the U.S., the number of oil and gas rigs has declined for the seventh consecutive week. Currently, there are 439 active oil rigs—the lowest since October 2021.
