Dubai: Crude oil prices surged 11% over the past week ending June 19, as geopolitical tensions between Israel and Iran reached new heights, fueling concerns over potential supply and trade disruptions in the Middle East.
Global benchmark Brent crude’s spot price rose from a closing level of $69.65 per barrel on June 12—the day before Israel launched attacks on Iranian targets—to $77.32 by June 19. The US benchmark, West Texas Intermediate (WTI), also climbed 11% during the same period.
Markets reacted sharply after Israel launched a series of strikes on June 13, initially pushing Brent up to $76.31 before it settled at $73.67. Iran responded over the weekend with ballistic missile attacks, and both sides targeted several energy-related facilities, though no major supply outages have been reported.
Prices remained volatile throughout the week. On June 16, Brent reached $74.56 but closed lower at $72.13 following reports that Iran remained open to nuclear negotiations.
A renewed surge followed on June 17 after US President Donald Trump’s call to evacuate Tehran, with Brent rising to $75.74 before closing at $75.69.
Brent continued its climb, reaching $76.13 and closing at $75.12 on June 18, before peaking at $77.52 on June 19 and settling at $77.32. Despite recent gains, Brent remains below its 2024 average of $80 per barrel.
