New Israeli attacks on Iran send oil prices soaring

The airstrikes carried out by Israel on the night of Thursday, June 12, against several regions of Iran are a reminder that with each resurgence of geopolitical tension, oil prices can skyrocket again. Around 4 a.m. on Friday, a barrel of North Sea Brent crude jumped 10 percent, reaching $76 (€66), before surpassing $78 later in the day. The same rebound was seen for West Texas Intermediate, the American benchmark. This was "the largest single-day increase in five years," according to analysts at S&P Global Commodity Insights.

Yet, since April, the trend has clearly been downward. Under the dual influence of US President Donald Trump (an all-out trade war) and the additional barrels announced by the Organization of the Petroleum Exporting Countries (OPEC), oil prices had plunged below $70. Today, they are once again approaching their average price for 2024, which was around $81.

Accusing Tehran of financing and organizing the attacks by Palestinian Hamas against Israel on October 7, 2023, the government of Israeli Prime Minister Benjamin Netanyahu said it had targeted, in particular, on the night of June 12 to 13, uranium enrichment nuclear sites in Iran, which it suspects of preparing an atomic bomb. "No damage has been caused to the country's refining facilities and oil depots, and currently the activities of these facilities as well as the supply of fuel continue in all regions of the country without interruption," the Iranian oil ministry declared in a statement early Friday.

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