Newsletters
Oil prices soared more than 12% on Friday as Israel launched "preemptive" strikes on Iranian nuclear and military sites and warned of more to come, stoking fears of a full-blown war and triggering energy supply concerns.
Both main oil contracts, which had already rallied earlier in the week due to rising tensions, spiked more than 12%—hitting levels not seen since January—with Brent crude surpassing $74 per barrel and WTI crude reaching $73.
Meanwhile, U.S. banking giant JPMorgan Chase warned on Friday that prices could exceed $130 if the worst-case scenario materializes. However, the bank maintained its base-case oil forecast at the $60s per barrel through 2025 and around $60 in 2026.
The bank noted that a worst-case scenario, such as the closure of the Strait of Hormuz or large-scale retaliatory attacks, could severely disrupt supply, particularly if Iran’s 2.1 million barrels per day in oil exports are impacted.
Meanwhile, Iran's oil ministry stated on Friday that key refineries and fuel depots remained unaffected by Israel's deadly attack, with operations continuing nationwide without disruption.
“No damage was caused to the country’s refining facilities and oil depots, and currently the activities of these facilities and fuel supply are ongoing in all parts of the country without interruption,” the ministry said in a statement.
1 min read
2 min read
