Israel-Iran War Spurs Global Oil Price Hike

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Adi Ahdiat 18/06/2025 11:10 WIB

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The Israel-Iran war, raging since June 13, 2025, has triggered a surge in global oil prices. By June 17, 2025, Brent and WTI crude oil prices had risen by approximately 16-18% compared to the previou

Brent and WTI Crude Oil Prices (June 17, 2024 - June 17, 2025)

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Brent and WTI Crude Oil Prices (June 17, 2024 - June 17, 2025)

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The war between Israel and Iran, raging since June 13, 2025, has triggered a surge in global oil prices.

According to Investing.com data, the day before the war broke out, on June 12, 2025, Brent crude oil was priced at US$69.36 and West Texas Intermediate (WTI) at US$66.64 per barrel.

The following day, Brent prices suddenly jumped to US$74.23 and WTI to US$71.29 per barrel.

The upward trend in global oil prices continued, in line with the ongoing attacks between Israel and Iran.

By June 17, 2025, Brent crude oil had reached US$76.45 per barrel, a 16.7% increase compared to the previous month.

Similarly, WTI crude oil was priced at US$73.63 per barrel on June 17, 2025, surging 18.6% from the previous month.

However, as of June 17, 2025, Brent and WTI prices remained lower than a year ago, as shown in the graph.

"Global oil markets were roiled by a rapid escalation in geopolitical tensions after Israel launched a series of air strikes on targets in Iran on 13 June and Tehran retaliated," stated the International Energy Agency (IEA) in its June 2025 Oil Market Report.

"The two countries have fought a shadow war for decades, but the current conflict is the most severe, with energy infrastructure also targeted for the first time," they said.

According to the IEA, as of June 17, 2025, the war had not yet impacted Iranian oil flows. However, concerns about wider disruptions to oil traffic through the Strait of Hormuz, Middle East, have driven price increases.

The IEA also stated that global oil stocks are likely secure due to higher supply than demand. However, this situation could change due to the war.

"While the market looks comfortably supplied now, the recent events sharply highlight the significant geopolitical risks to oil supply security," said the IEA.

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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Israel-Iran War Spurs Global Oil Price Hike

Israel-Iran War Spurs Global Oil Price Hike

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