Kristina Roberts
Oil prices shot up by almost 9% on Friday, reaching some of the highest levels seen in months. This sudden jump came after Israel carried out military strikes against Iran, leading to fears of a bigger conflict that could disrupt oil supplies from the Middle East. The global oil market reacted strongly, with prices climbing rapidly as traders worried about possible shortages if the situation gets worse.
Brent crude, which is the international benchmark for oil prices, rose by $6.19 to reach $75.55 per barrel. At one point during the day, it even hit $78.50, the highest price since late January. Similarly, U.S. West Texas Intermediate (WTI) crude also increased by $6.22, settling at $74.26 per barrel after briefly touching $77.62. These were the biggest single-day jumps in oil prices since 2022, when Russia’s invasion of Ukraine caused energy prices to spike worldwide.
The reason behind this sudden rise in oil prices is the escalating tensions between Israel and Iran. Israel confirmed that it had attacked Iran’s nuclear facilities, missile production sites, and military targets. Israeli officials warned that this could be the start of a longer operation aimed at stopping Iran from developing nuclear weapons. In response, Iran has promised strong retaliation, raising concerns about further clashes in the region.
U.S. President Donald Trump also weighed in on the situation, urging Iran to negotiate a deal over its nuclear program. He warned that without an agreement, more attacks could follow. Meanwhile, Iran’s oil officials assured the world that their oil refineries and storage facilities were not damaged in the strikes and that production was continuing as normal.
One of the biggest worries for oil markets is whether the conflict could affect the Strait of Hormuz, a critical shipping route for global oil supplies. About 20% of the world’s daily oil consumption passes through this narrow waterway, which connects the Persian Gulf to the open ocean. Any disruption here could have a massive impact on oil prices worldwide. Analysts have pointed out that so far, oil shipments through the strait have not been affected, but the risk remains if tensions keep rising.
Experts from Sparta Commodities mentioned that if oil supplies from the Middle East were seriously disrupted, refineries might start preferring lighter, sweeter crude oil over heavier, sour crude. This could lead to shifts in global oil trade patterns. JP Morgan analysts had earlier warned that in the worst-case scenario—where the Strait of Hormuz is blocked or major oil-producing countries in the region retaliate—oil prices could skyrocket to $120-$130 per barrel, almost double the current prices.
The situation remains tense, and the world is watching closely to see how Iran responds. If the conflict escalates further, oil prices could continue to rise, affecting everything from gasoline prices at the pump to the cost of shipping goods around the world. For now, markets are on edge, waiting to see whether diplomacy can calm the situation or if the crisis will deepen, leading to even higher oil prices in the coming days.
The Middle East has always been a key player in the global oil market, and any instability in the region tends to send shockwaves through the economy. With major powers like the U.S. and Israel involved, the stakes are even higher. While no oil supply disruptions have been reported yet, the fear of what could happen next is enough to keep traders and governments on high alert.
In the past, conflicts in this part of the world have led to sudden oil shortages and price spikes, hurting economies that depend heavily on imported energy. Countries and businesses around the globe are now preparing for possible supply chain disruptions, hoping that the situation does not spiral out of control. For ordinary people, this could mean higher fuel costs and more expensive goods if transportation costs go up.
The coming days will be crucial in determining whether this crisis can be contained or if it will lead to a full-blown conflict with far-reaching consequences for the global economy. For now, all eyes are on the Middle East, where every new development could send oil prices soaring even higher.
