Oil prices surged more than 7% this Friday (13th) following an Israeli attack on targets in Iran, with Tehran already vowing to retaliate.
Tensions in the Middle East sent crude prices soaring, with Brent rising 7.27% to $74.40 per barrel, and West Texas Intermediate (WTI) climbing 7.64%, trading at $73.24 per barrel. Brent even briefly touched $78.50 per barrel, marking a 13.18% intraday jump — the largest since March 2022, when Russia invaded Ukraine.
Israeli Prime Minister Benjamin Netanyahu stated that the attacks targeted Iran’s nuclear program and military sites, and that the offensive would continue until “the threat is neutralized.” Tehran has already pledged retaliation and, according to Israel, has launched more than 100 drones.
“We are back in an environment of high geopolitical uncertainty, forcing the oil market to begin pricing in a higher risk premium for any potential supply disruption,” Warren Patterson, Head of Commodities Strategy at ING Groep, told Bloomberg.
Source: Diário Económico
