13.06.2025 09:39
Global crude oil prices experienced a dramatic surge on Friday morning, following a series of significant military strikes launched by Israel against Iran's nuclear facilities and military leadership. This aggressive action represents a substantial escalation of tensions in the volatile Middle East.
The escalating conflict sent shockwaves through global markets. Brent Crude Futures, the global benchmark, briefly spiked to $78 per barrel—a breathtaking 13% increase from the previous day's closing price. This marked the most significant single-day jump since the initial stages of the Russian invasion of Ukraine, as reported by Bloomberg. Although prices later settled at $74.4 per barrel, representing a still considerable increase of over 7%, the initial surge underscored the market's immediate reaction to the news. Similarly, West Texas Intermediate (WTI), the US benchmark, also saw a sharp rise, climbing over 7% to nearly $73 per barrel.
The impact extended beyond oil markets. US stock futures suffered considerable losses in early trading. The S&P 500 Futures plummeted by 1.2%, reaching 5,977.50 points. Dow Futures also declined, falling 1.15% to 42,816 points. The tech-heavy Nasdaq futures fared even worse, experiencing a nearly 1.5% drop to 21,833 points. These market reactions reflect investor anxieties about the geopolitical implications of the Israeli strikes and their potential consequences for global stability.
Details surrounding Israel's strikes remain somewhat unclear, though Iranian state media confirmed the deaths of several high-ranking military officials. Among the casualties were prominent figures such as Mohammad Bagheri, Chief of Staff of the Iranian Armed Forces, and Hossein Salami, commander of the Islamic Revolutionary Guard Corps. The attacks also reportedly claimed the lives of at least two leading nuclear scientists, Fereydoun Abbasi and Mohammad Mehdi Tehranchi. As this is a rapidly evolving situation, further information is expected to emerge. The source for this information is internet sources.
