On June 12-13, 2025, Israel attacked Iran’s nuclear and military sites. This caused oil prices to climb sharply across the globe. As of June 13, 2025, at 12:10 PM GMT, Brent crude, a major type of oil, reached $75.55 per barrel. That’s an 8.9% jump. West Texas Intermediate (WTI), the U.S. oil standard, hit $74.26 per barrel, up 9.1%. These numbers reveal a strong market response to the strikes.
Here’s a quick look at the price changes:
| Oil Type | Previous Price (USD/barrel) | New Price (USD/barrel) | Percentage Change | Intraday High (USD/barrel) |
|---|---|---|---|---|
| Brent Crude Futures | ~$69.36 | $75.55 | +8.9% | $78.50 |
| West Texas Intermediate | ~$68.04 | $74.26 | +9.1% | $77.62 |
Why Prices Went Up
The price hike stems from fears about oil supplies. Iran’s oil facilities weren’t damaged, and production is still running smoothly, according to Argus Media. Iranian state media also confirmed that oil operations remain stable. Yet, the market is jittery.
The worry isn’t about today—it’s about tomorrow. If the conflict grows, oil supplies could face trouble. The Strait of Hormuz, a narrow waterway, is a big concern. Around 18-19 million barrels of oil pass through it daily, as noted by Yahoo Finance. Any fighting there could block that flow and push prices higher.
Expert Views
Analysts are sounding the alarm. Warren Patterson from ING told the Wall Street Journal that if oil can’t move through the Strait, extra production from OPEC won’t help much. Prices could soar as a result.
Andy Lipow from Lipow Oil Associates shared a similar view with CNN. He said if Iran’s oil disappears from the market, prices might rise by $7.50 per barrel. In a worst-case scenario—say, the Strait shuts down or other oil nations join the fray—prices could climb to $120-130 per barrel.
Tension Fuels Uncertainty
The situation is far from calm. Iran has pledged to strike back, according to Al Jazeera. This threat keeps everyone on edge. No one knows what’s next, and that uncertainty is driving the market’s reaction.
Right now, Iran’s oil is still flowing. The price jump is about fear, not facts on the ground. But if the fighting spreads, things could change fast. The Strait of Hormuz remains the key. A blockage there would choke off a huge chunk of the world’s oil supply. Prices would likely shoot up.
Experts agree the risk is real. The market is watching every move. If Iran follows through on its promise to respond, or if other countries get involved, the cost of oil could climb even higher. For now, it’s a waiting game.
Global Impact
Oil prices affect everyone. Higher prices mean more expensive gas at the pump. They can also raise the cost of goods, since shipping and production rely on fuel. Countries that depend on oil imports—like many in Europe and Asia—could feel the pinch. On the flip side, oil-producing nations might see a boost.
The U.S., with its own oil reserves, might not suffer as much. But even there, market swings can ripple through the economy. Investors are already shifting to safer bets, as the Wall Street Journal reported.
Looking at the Numbers
The 8.9% and 9.1% increases in Brent and WTI prices are big moves for one day. Brent hit an intraday high of $78.50, while WTI peaked at $77.62. These spikes show how fast the market can react to news. Traders are betting on trouble ahead, even if it hasn’t happened yet.
Why It Matters
This isn’t just about oil—it’s about stability. The Middle East has long been a hotspot for conflict, and oil is always part of the story. The Strait of Hormuz has been a flashpoint before. If it becomes one again, the effects could last months, maybe longer.
For now, Iran’s oil keeps pumping. But the market doesn’t care about now—it’s focused on what might come next. That’s why prices jumped so fast. People are preparing for the worst, even if it doesn’t happen.
