Oil prices soar 13% after Israel strikes Iran, fuelling supply jitters

Oil fields (Representative)

Crude oil prices soared by 13 percent following Israel’s airstrikes on Iran, a move that jolted global markets amid fears of a broader regional conflict.

U.S. West Texas Intermediate (WTI) crude jumped 11.38 percent to $75.82 per barrel, while international benchmark Brent crude surged 10.28 percent to $76.48 per barrel. The sharp spike came as investors priced in the risk of supply disruptions from the oil-rich Middle East, especially with the strikes carried out without U.S. backing.

The price surge came hours after Israel confirmed it had carried out a preemptive strike on Iranian territory. Israeli Defense Minister Israel Katz said the strikes were necessary to prevent an imminent attack by Iran, and declared a special state of emergency in anticipation of retaliation via missiles and drones.

The United States was quick to clarify it had no role in the offensive. Secretary of State Marco Rubio confirmed that Israel acted unilaterally and without U.S. support. “We are not involved in strikes against Iran and our top priority is protecting American forces in the region,” Rubio said. He also issued a warning to Tehran, urging Iran not to retaliate against American personnel or assets.