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Oil markets experienced their most dramatic surge in nearly three years, prices soared more than 6% following Israel’s unprecedented strike on Iran’s nuclear facilities.
Brent crude futures jumped $4.60 to $73.96 per barrel, while WTI crude climbed $4.99 to $73.03 per barrel, marking the highest levels since January 2025. The attacks, targeting Iran’s nuclear infrastructure, ballistic missile factories, and military commanders, have dramatically escalated Middle East tensions and sparked widespread concerns about potential disruptions to global oil supplies.
Israel Strikes Iran’s Nuclear Facilities
Israel’s Friday strikes on Iran marked a significant escalation in regional tensions, with the operation specifically targeting nuclear facilities, ballistic missile factories, and military commanders as part of what Israeli officials warned would be a prolonged campaign to prevent Tehran from developing nuclear weapons. Iran’s Supreme Leader, Ayatollah Ali Khamenei, immediately vowed “harsh punishment” in response to the attacks, which reportedly killed several top commanders and six nuclear scientists according to Iranian sources.
The geopolitical implications extend far beyond the immediate conflict zone, with analysts warning that Iranian retaliation could potentially target critical economic infrastructure across the wider Middle East region.
The Trump administration has sought to distance itself from the Israeli action, with Secretary of State Marco Rubio calling it a “unilateral action” while urging Tehran not to target U.S. interests.
The strategic importance of the Strait of Hormuz looms large in market calculations, as approximately one-fifth of global oil consumption—some 18-19 million barrels per day of oil, condensate, and fuel—passes through this critical waterway. Any Iranian move to disrupt shipping through the strait could have catastrophic effects on global energy supplies, making it a focal point of trader concerns and market volatility.
Oil Surges as Regional Tensions Escalate in the Middle East
The oil price surge began in early Friday trading, with Brent crude futures hitting an intraday high of $78.50 per barrel—the highest level since January 27, 2025—before settling at $73.96, representing a 6.63% gain. West Texas Intermediate crude reached a peak of $77.62 per barrel, its loftiest point since January 21, before closing at $73.03 with a 7.33% increase. These dramatic moves represented the largest intraday gains for both benchmark contracts since Russia’s invasion of Ukraine in 2022.
The broader energy complex also experienced significant volatility, with natural gas futures climbing 1.06% to $3.529, gasoline surging 3.71% to $2.222, and heating oil jumping 4.73% to $2.292. Regional crude blends showed mixed but generally positive movements, with WTI Midland gaining 4.78% and various Middle Eastern crudes posting solid gains despite the geopolitical uncertainty affecting the region.
Market analysts emphasized that the $10 per barrel price increase over the three-day period had yet to reflect any actual drop in Iranian oil production, suggesting potential for further volatility depending on how the conflict develops.
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Neither the author, Tim Fries, nor this website, The Tokenist, provide financial advice. Please consult our website policy prior to making financial decisions.
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