Oil prices jumped more than 7% at the end of trading on Friday, June 13, 2025, hitting their highest levels in nearly five months and posting strong weekly gains. This came after Israel launched a strike against Iran, significantly escalating tensions in the Middle East and raising concerns about oil supply disruptions. Israel announced targeting Iranian nuclear facilities, ballistic missile factories, and military leaders on Friday, amid expectations that this would be a lengthy operation to prevent Tehran from building a nuclear weapon. At the end of the session, Brent crude futures for August 2025 delivery rose 7% to $74.23 per barrel, posting weekly gains of 11.7%. US West Texas Intermediate (WTI) crude futures for July 2025 delivery rose 7.2% to $72.98 a barrel, posting a weekly gain of 13%, according to figures from the Washington-based energy platform. Friday's gains represent the largest daily moves for the two benchmarks (Brent and WTI) since 2022, after Russia's invasion of Ukraine, which caused oil prices to rise.
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Economic newsJune 13, 20251 min read