Oil hits biggest one-day surge since 2022 amid 'Israel'-Iran attacks
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US oil jumped 7.26%, closing around $72.98 per barrel, while Brent rose 7%, settling near $74.23 per barrel.
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Pumpjacks dip their heads to extract oil in a basin south of Duchesne, Utah, the United States, on July 13, 2023. (AP)
Oil prices surged sharply on Friday after "Israel" struck Iranian nuclear and military sites, rattling global markets and raising fears of a wider regional conflict.
Both US crude and Brent crude, the global benchmark, posted their biggest single-day gains since March 2022, shortly after Russia’s invasion of Ukraine. They also recorded their largest weekly increases since October 2022.
US oil jumped 7.26%, closing around $72.98 per barrel, while Brent rose 7%, settling near $74.23 per barrel. Earlier in the day, US oil and Brent had soared as much as 14% and 13%, respectively.
“For markets, the focus is now turning to how the situation might escalate,” said Deutsche Bank strategist Jim Reid in a Friday note.
Iran retaliated against "Israel's" aggression by launching hundreds of ballistic missiles against "Israel."
Analysts at Capital Economics warned that the main economic impact of this escalation would come through rising oil prices, which could fuel inflation and complicate the outlook for policymakers like the Federal Reserve.
Op. True Promise 3: Iran's ballistic missiles strike Tel Aviv
Iran has launched three missile salvos targeting "Israel" in retaliation for its aggression on numerous Iranian regions and sensitive military and nuclear sites, with estimates of more than 200 missiles being launched.
Israeli media reported that close to 150 missiles were fired from Esfahan, Iran, towards "Israel". It was later reported that a fire broke out in Tel Aviv near the Israeli Security Ministry after a missile achieved a direct hit, as the IRGC announced that the retaliatory strikes were conducted under Operation True Promise III. At the same time, Israeli media reported that "massive explosions" were heard above a sensitive location in "Israel", and that several Israeli troops were wounded in the Nevatim military air base in the al-Naqab desert.
WATCH | Destruction in Tel Aviv due to Iranian missiles#OccupiedPalestine #Iran pic.twitter.com/IdgHt5DABl
— Al Mayadeen English (@MayadeenEnglish) June 13, 2025
Al Mayadeen's sources reported that the missiles were fired from multiple bases across several cities and provinces, including Fars in the country’s southeast.
Israeli Channel 12 reported that 200 to 300 missiles were launched in the Iranian attack, with impacts recorded in roughly nine locations across "Israel". Israeli media lamented that the entirety of "Israel" was under attack.
