Crude oil prices surged on Friday, June 13th, as Israel announced airstrikes on Iran, sparking fears of potential energy supply disruptions in the Middle East.
The West Texas Intermediate (WTI) crude oil futures contract – the US oil benchmark – soared by nearly 11.3%, reaching $75.75 per barrel at 10:31 p.m. ET.
Meanwhile, the Brent crude oil futures contract, the international benchmark, also witnessed an upward surge, climbing by 11% to touch $76.95 per barrel at 10:32 p.m. ET.
Iran is currently the fourth-largest oil producer within the Organization of the Petroleum Exporting Countries (OPEC).
The Israeli military launched a large-scale preemptive strike against Iran’s nuclear program on the morning of June 13th, local time. In a video statement, Israeli Prime Minister Benjamin Netanyahu declared that the campaign would continue “for as long as it takes to achieve its goal, however long it takes.”
In his address, Mr. Netanyahu asserted that Iran had produced enough highly enriched uranium for nine atomic bombs, although no specific evidence was provided to support this claim. He emphasized that Iran’s nuclear program poses “a clear and present danger to Israel’s existence.”
The Israeli strike comes amid ongoing negotiations between the US and Iran over a new nuclear deal. Former President Donald Trump had stated on Thursday that an attack on Iran was “very much on the table” if a deal could not be reached.
US Secretary of State Marco Rubio, in a statement released after the attack, acknowledged that Israel had undertaken a “unilateral action” against Iran. “We were not involved in the attacks on Iran, and our priority remains to be the protection of US forces in the region,” Mr. Rubio stated.
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