June 13, 2025 1:33 PM
Oil soars more than 6% after Israel’s strike on Iran alarms market
Oil prices jumped more than $4 a barrel on Friday, hitting their highest price in almost five months after Israel struck Iran, dramatically escalating tensions in the Middle East and raising worries about disrupted oil supplies. Brent crude futures LCOc1 jumped $4.60, or 6.63%, to $73.96 a barrel by 0612 GMT after hitting an intraday high of $78.50, the highest since January 27. U.S. West Texas Intermediate crude CLc1 was up $4.99, or 7.33%, at $73.03 a barrel after hitting a high of $77.62, th...