Oil & Gas Oil hits $78 and stocks rattle as Middle East tensions flare By Pramod Kumar June 13, 2025, 9:22 AM Majid Asgaripour/WANA via Reuters A rescuer looks out from a damaged building in the aftermath of Israeli strikes in Tehran Israel strikes Iran’s nuclear infrastructure US calls attack ‘unilateral’ Gold price continues to rise Oil prices rose more than 9 percent and the Asian stock market dived on Friday morning after Israel launched attacks on Iran. Brent surged to $78 a barrel in the biggest intraday gain since March 2022, before settling lower at $74 by 05:56 GMT. US West Texas Intermediate crude rose 9.3 percent to $74.36 a barrel, reaching a new high since February 3. Israel’s strikes on Iran were aimed at hurting its nuclear infrastructure, its ballistic missile factories and many of its military capabilities, Prime Minister Benjamin Netanyahu said. “The Israeli attack on Iran has heightened the risk premium further,” Reuters reported quoting MST Marquee senior energy analyst Saul Kavonic said. Iran could disrupt up to 20 million barrels per day of oil supply via attacks on infrastructure or limiting passage through the Strait of Hormuz in an extreme scenario, he said. US secretary of state Marco Rubio called Israel’s strikes against Iran a “unilateral action” and said Washington was not involved. Asian stock markets were rattled in early trade. Japan’s Nikkei fell 1.4 percent, while South Korea’s KOSPI dropped 1.2 percent. Indian stock markets were down 1.2 percent early morning. Gulf stock markets ended lower on Thursday as the uncertainty in Iran loomed and the US relocated personnel from the region. Top of Trump’s to-do list: sanctions against Iran Trump’s Gulf trip will test regional nerves and alliances Iranian gas supplies to Iraq fall in May Saudi Arabia’s benchmark index was down 1.5 percent and Dubai’s main share index fell 2.3 percent. Gold prices rose as investors sought a safe haven. Spot gold surged 1.3 percent at $3,428.28 an ounce as of 01:34 GMT after reaching its highest level since May 7 in early trade. The metal has gained more than 3.5 percent so far this week. Gold surged past $3400 on news of the airstrikes, and further upside could be in-store should the escalation continue, Reuters reported, citing Tim Waterer, chief market analyst at KCM Trade. Register now: It’s easy and free AGBI registered members can access even more of our unique analysis and perspective on business and economics in the Middle East. Why sign uP Exclusive weekly email from our editor-in-chief Personalised weekly emails for your preferred industry sectors Read and download our insight packed white papers Access to our mobile app Prioritised access to live events Register for free Already registered? Sign in I’ll register later Register now: It’s easy and free AGBI registered members can access even more of our unique analysis and perspective on business and economics in the Middle East. Why sign uP Exclusive weekly email from our editor-in-chief Personalised weekly emails for your preferred industry sectors Read and download our insight packed white papers Access to our mobile app Prioritised access to live events Register for free Already registered? Sign in I’ll register later
