The price jump is related to the Israeli attack on Iran on the night of June 13. World markets reacted with growth of defensive assets.
The cost of August futures for Brent oil on the London exchange ICE Futures soared by 13.18% – up to $78.5 per barrel. The price of Brent oil exceeded this mark for the first time since January 24, 2025.
IRIB reports that two explosions occurred at the most important facility of Iran’s nuclear program in Natanz. Later, Akbar Salehi, deputy security chief of the Isfahan provincial governor’s office, confirmed both attacks on the Natanz facility and said that “there are no special problems and there have been no reports of nuclear contamination.”
As of June 13, Comex gold futures are up 1.16% to $3442 per troy ounce. Futures on major U.S. stock indices are adding within 0.2-0.4%.
As Bloomberg notes, the Israeli attack had the greatest impact on the oil market due to the fact that Iran is a major exporter of crude oil to China and India. The agency notes that the attack came at a time when global financial markets have recovered from the slump in April, caused by the duties of U.S. President Donald Trump.
According to Wilson Asset Management portfolio manager Matthew Haupt, markets are now watching the speed and scale of Tehran’s response. “That will determine the duration of the current moves. Quite often these moves fade after initial shocks,” he noted.
An analyst at Vantage Markets in Melbourne thought the attack on Iran was a “wake-up call” for the market. He said, “Investors now have to face the growing threat of multi-front tensions over potential new hot conflicts and escalating trade wars.”
