Oil prices increased more than 7% on Friday, June 13, 2025, trading near multi-month highs after Israel launched widescale strikes against Iran.
Brent crude futures jumped $5.1, or around 7.4%, to $74.46 a barrel by 0843 GMT after hitting an intraday high of $78.50, the highest since January 27.
U.S. West Texas Intermediate crude was up $5.1, or 7.5%, at $73.15 a barrel after hitting a high of $77.62, its highest level since January 21.
Friday’s gains were the largest intraday moves for both contracts since 2022, after Russia’s invasion of Ukraine caused a spike in energy prices, Reuters reported.
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Israel said it targeted Iran’s nuclear facilities, ballistic missile factories, and military commanders on Friday at the start of what it warned would be a prolonged operation to prevent Tehran from building an atomic weapon.
Iran’s nuclear facility in Natanz was damaged, the country’s atomic energy organisation said in a statement, but investigations have not shown any radioactive or chemical contamination outside the site.
