June 13, 2025 12:17pm EDT
Oil prices spike after Israel's strikes on Iran
Experts weigh in on oil price outlook following Israeli strikes on Iran
By Daniella Genovese FOXBusiness
Oil prices surged Friday after the Israeli Defense Forces (IDF) launched a sweeping strike on Iran's nuclear facilities and military leaders.
U.S. West Texas Intermediate prices climbed around 6% on Friday to $72 a barrel as the strikes raised concerns on Wall Street that escalating tensions between Israel and Iran could disrupt Iranian energy supplies. Global benchmark Brent crude rose as much as 10%, hitting its highest level since January. As of noon ET, Brent prices were around $73.50 per barrel.
Lipow Oil Associates President Andy Lipow said the market is particularly concerned that Iran will retaliate by attacking either Israeli or American targets, leading to a major military escalation and potential oil supply disruption.
"Iran may believe that recent increases in OPEC+ oil supply, which have been far more than the market expected over the last three months, were designed to offset a loss of Iranian oil exports as hostilities ramp up," Lipow said. He estimated that the loss of Iranian oil to the market could raise prices by up to $7.50 per barrel, but if oil exports through the Strait of Hormuz are affected, prices could reach $100.
An oil pump jack pumps oil in a field near Calgary, Alberta, Canada on July 21, 2014.
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https://www.foxbusiness.com/markets/oil-prices-spike-after-israels-strikes-iran
