Middle East tensions prompt surge in oil costs

International oil costs rose sharply after Israel attacked Iran, as regional conflict escalates, according to the BBC on June 13th.

The benchmark Brent crude oil climbed by over 10% after the news came out, hitting its highest level since January. Analysts have said that energy traders will be keeping a close eye, on the degree to which the conflict gets worse.

The price surge reflects market fears that conflict between Israel and Iran could disrupt oil supplies from the region. In the worst-case scenario, analysts say Iran could attempt to disrupt millions of barrels per day by targeting infrastructure or shipping through the Strait of Hormuz.

BBC