The escalating tensions in the Middle East, fueled by the Iran-Israel conflict, are directly impacting the global energy market. On Friday, international oil prices surged by more than 9%, marking their highest level in five months. This information was reported by Reuters on Friday (June 13).
The report states that Israel's attack on Iran has had a direct impact on the global oil market. On Friday morning, world oil prices climbed by over 9%, reaching their highest point in more than five months (since January).
On Friday, Brent Crude's price increased by $6.29, or 9.07%, to $75.65 per barrel. Meanwhile, the price of US West Texas Intermediate Crude rose by 9.45%, or $6.43, to $74.47 per barrel.
Analysts suggest that the risk of direct conflict between Iran and Israel could have long-term consequences not only for oil production and supply but also for the overall strategic stability of the entire Middle East. Concerns are also growing about vital energy transportation channels like the Strait of Hormuz, through which approximately 20 million barrels of oil are transported daily.
Uncertainty in the global oil market has intensified following Israel's military attack on Iran. The geopolitical risk surrounding this volatile situation has increased to such an extent that the market is now forced to incorporate an additional premium into oil prices, according to the ING analyst team led by Warren Patterson.
According to Saul Kavonic, a senior energy analyst at MST Marquee, if the situation escalates, Iran could impose restrictions on shipping through the Strait of Hormuz or directly target infrastructure, potentially disrupting the supply of approximately 20 million barrels of oil per day.
Priyanka Sachdeva, a senior market analyst at Phillip Nova, stated, "Iran has already declared an emergency and begun retaliatory actions. This not only increases the risk to the supply system but also creates fears of instability in other regional oil-producing countries."
Meanwhile, after Israel attacked Iran this morning, Iran has now launched more than 100 drone attacks on Israel. However, it is reported that the drones launched from Iran will take several hours to reach Israel.
