Global News

Global Oil Prices Soar After Israel Attack On Iran

Global oil prices are on the rise after Israel launched an attack on Iran.

Yakubu Abdulbaaki Yakubu Abdulbaaki
Jun 13, 2025 - 09:47
Updated: 11 months ago
0
Global Oil Prices Soar After Israel Attack On Iran
Image of oil refinery

Global oil prices have jumped after Israel said it had struck Iran, in a dramatic escalation of tensions in the Middle East. The price of the benchmark Brent Crude was up by more than 10% shortly after the news emerged, reaching its highest level since January. Traders are concerned that a conflict between Iran and Israel could disrupt supplies coming from the energy-rich region. The cost of crude oil affects everything from how much it costs to fill up your car to the price of food at the supermarket. As trading began in Europe, prices had eased a little, around 5% higher than Thursday's closing price. London-traded Brent crude was $72.80 a barrel, while oil traded on the US's Nymex was at $73.20. Share prices also fell across Asia and Europe on Friday. The UK's FTSE 100 index opened down 0.6%. So-called "safe haven" assets such as gold and the Swiss franc have also made gains. Some investors see these assets as more reliable investments in times of uncertainty. The gold price hit its highest level for nearly two months, rising 1.2% to $3,423.30 an ounce. Analysts have told the BBC that energy traders will now be watching how much the conflict worsens in the coming days. "It's an explosive situation, albeit one that could be defused quickly as we saw in April and October last year, when Israel and Iran struck each other directly," Vandana Hari of Vanda Insights told the BBC. "It could also spiral out into a bigger war that disrupts Mideast oil supply," she added. In an extreme scenario, Iran could disrupt supplies of millions of barrels of oil a day if it targets infrastructure or shipping in the Strait of Hormuz. The strait is one of the world's most important shipping routes, with about a fifth of the world's oil passing through it. At any one time, there are several dozen tankers on their way to the Strait of Hormuz, or leaving it, as major oil and gas producers in the Middle East and their customers transport energy from the region. Bounded to the north by Iran and to the south by Oman and the United Arab Emirates (UAE), the Strait of Hormuz connects the Gulf with the Arabian Sea. "What we see now is very initial risk-on reaction. But over the next day or two, the market will need to factor in where this could escalate to," Saul Kavonic, head of energy research at MST Financial said.

Premium Subscription

Unlock the Full Content with Premium

This is premium content. Upgrade your account to unlock full access and explore the complete experience.

  • Unlimited access to all premium contents
  • Ad-free, uninterrupted browsing experience
  • Interactive features and community access
Subscribe Now
Previous Article

Former Education Minister Honoured for Outstanding Contribution to Education ...

Next Article

GRNMA Call Off Strike

What's Your Reaction?

Like Like 0
Dislike Dislike 0
Love Love 0
Funny Funny 0
Wow Wow 0
Sad Sad 0
Angry Angry 0
Yakubu Abdulbaaki
Yakubu Abdulbaaki

An experience content writer with over 5 years of experience in the news industry

Related Posts

Tensions Spike as China and Japan Confront Each Other Near Disputed Islands

Tensions Spike as China and Japan Confront Each Othe...

Enet
Dec 02, 2025
0
Trump Pardons Ex-Honduras President Hernández, Walks Free After Drug Conviction

Trump Pardons Ex-Honduras President Hernández, Walks...

Enet
Dec 02, 2025
0
Climate Change in South Asia: Risks, Impacts & COP30

Climate Change in South Asia: Risks, Impacts & COP30

Kamilah Abbas
Nov 11, 2025
0
Bangladesh Sentences Former PM Sheikh Hasina to Death as Tribunal Rules on 2024 Crackdown

Bangladesh Sentences Former PM Sheikh Hasina to Deat...

Ama Boah
Nov 17, 2025
0
Fugees’ Pras Michel jailed for 14 years after illegal funding scheme for Obama's 2012 Presidential bid

Fugees’ Pras Michel jailed for 14 years after illega...

Elohim Nyame
Nov 21, 2025
0
From Clash to Collaboration? Trump and Mamdani Sit Down at White House

From Clash to Collaboration? Trump and Mamdani Sit D...

Ama Boah
Nov 21, 2025
0

Comments (0)

User