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Crude oil futures settle sharply higher on supply risk from Israel-Iran conflict

14 Jun 2025 Evaluate

Crude oil futures ended sharply higher on Friday on account of fears of supply disruptions after Israel conducted airstrikes against Iran. Iran has vowed to retaliate heavily. Two-hundred-plus Israeli Air Force fighter jets attacked hundreds of nuclear, military, and infrastructure targets across Iran. This new tension has increased the possibility of a full-blown conflict in the Middle East and consequent rise in oil prices.

Benchmark crude oil futures for July rose $4.94 or about 7.26% at $72.98 a barrel on the New York Mercantile Exchange. Brent crude for August delivery surged $4.87 or 7.02% to settle at $74.23 a barrel on London's Intercontinental Exchange.


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