Global crude-oil prices spiked as geopolitical tensions in the Middle East escalated sharply. Reports of strikes by Israel on targets in Iran — including threats to nuclear facilities — triggered panic over potential disruptions to oil supply.
The jump was dramatic: on June 13, benchmarks such as Brent crude surged more than 10%. In a single session, prices rose as much as 13%.
Analysts attribute the surge to fears of supply disruptions, especially if conflict expands or essential shipping routes like Strait of Hormuz — a critical oil-export chokepoint — are threatened. Some market watchers warn that a serious disruption could push crude to well over US $90 per barrel.
However, there is also caution in markets: firms point out that unless actual infrastructure or shipping lanes are disrupted, the surge might be temporary.
