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Market SHOCKS/ Global oil prices rise significantly after Israel's attack on Iran!

2025-06-13 15:41:44Kosova&Bota SHKRUAR NGA REDAKSIA VOX

Global oil prices have risen sharply after Israel said it had attacked Iran, in a dramatic escalation of tensions in the Middle East.

The price of Brent crude oil rose by more than 10% immediately after the news was released, reaching its highest level since January.

Traders are concerned that a conflict between Iran and Israel could disrupt supplies coming from the energy-rich region.

The cost of crude oil affects everything from how much it costs to fill up your car to the price of food at the supermarket. After an initial spike, oil prices have eased slightly.

But Brent crude oil was still about 8% higher than Thursday's closing price, trading at around $74.65 a barrel.

Despite Friday's moves, oil prices are still more than 10% lower than they were at the same point last year.

They are also well below the peaks seen in early 2022 following Russia's invasion of Ukraine, when the price of crude oil rose well above $100 per barrel.

Stock prices fell across Asia and Europe on Friday. Japan's Nikkei stock index ended the day down 0.9%, while the UK's FTSE 100 index was down 0.3% by lunchtime.

So-called "safe haven" assets such as gold and the Swiss franc posted gains. Some investors see these assets as more reliable investments in times of uncertainty.

The price of gold reached its highest level in nearly two months, rising 1.2% to $3,423.30 an ounce.

Following Israel's attack, the Israel Defense Forces (IDF) said Iran had launched around 100 drones towards the country.

Analysts have told the BBC that energy traders will now be watching to see how much the conflict worsens in the coming days.

" It's an explosive situation, albeit one that could quickly defuse, as we saw in April and October last year when Israel and Iran directly attacked each other.  This could also escalate into a larger war that would disrupt oil supplies in the Middle East ," Vandana Hari of Vanda Insights told the BBC.

Analysts at Capital Economics said that if Iran's oil production and exports were targeted, the price of Brent crude could rise to around $80-100 per barrel.


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