Oil surges 7% amid escalating geopolitical tensions

14/06/2025 Argaam
Oil drilling rigs

Oil drilling rigs

Oil prices soared on Friday, posting significant weekly gains following recent Israeli-Iranian military strikes, which heightened geopolitical and security tensions in the Middle East.

 

Brent crude futures for August delivery jumped 7%, or $4.87, to $74.23 per barrel, recording a weekly gain of 11.7%.

 

US West Texas Intermediate (WTI) crude futures for July delivery climbed 7.26%, or $4.94, to $72.98 per barrel, ending the week with a 13% gain.

 

Early this morning, Israel launched airstrikes targeting Iranian nuclear facilities. In response, Iran fired missiles and drones at Israel, triggering an ongoing cycle of mutual escalation.

 

 The US drilling rig count decreased for the seventh straight week, falling three units to 439 in the week ended June 13, according to a recent report by Baker Hughes.

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