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Global crude oil prices surged over 7% on Friday, 13 June 2025, as escalating military exchanges between Israel and Iran stoked fears of a broader regional conflict that could jeopardise vital oil exports from the Middle East.

Brent settled sharply higher at $74.23 per barrel, jumping $4.87, or 7.02%.

WTI closed at $72.98 per barrel, up $4.94, or 7.62%. 

Both benchmarks recorded their steepest one-day gains since 2022, when Russia’s invasion of Ukraine sent energy markets into turmoil.

The sharp upswing was driven by intensifying geopolitical tensions after both Israel and Iran exchanged air strikes—raising the spectre of a wider conflict that could disrupt oil flows through the Strait of Hormuz, a critical chokepoint for global crude shipments.

Despite the dramatic market reaction, industry watchers cautioned that the current rally is sentiment-driven. So far, there has been no confirmed material loss of supply, and actual disruptions remain speculative.

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