Oil prices hit 5-month high after Israel’s strikes on Iran

Oil prices increased more than 7% on Friday, June 13, 2025, trading near multi-month highs after Israel launched widescale strikes against Iran.

Brent crude futures jumped $5.1, or around 7.4%, to $74.46 a barrel by 0843 GMT after hitting an intraday high of $78.50, the highest since January 27.

U.S. West Texas Intermediate crude was up $5.1, or 7.5%, at $73.15 a barrel after hitting a high of $77.62, its highest level since January 21.

Israel hits Iran nuclear facilities, kills military chiefs, others

Friday’s gains were the largest intraday moves for both contracts since 2022, after Russia’s invasion of Ukraine caused a spike in energy prices, Reuters reported.

Israel said it targeted Iran’s nuclear facilities, ballistic missile factories, and military commanders on Friday at the start of what it warned would be a prolonged operation to prevent Tehran from building an atomic weapon.

Iran’s nuclear facility in Natanz was damaged, the country’s atomic energy organisation said in a statement, but investigations have not shown any radioactive or chemical contamination outside the site.

The Star