On June 13, international oil prices experienced the largest single-day percentage increase in years, reflecting concerns that an escalation of Middle East conflicts could lead to severe energy supply disruptions. Brent crude oil prices rose by 4.3% at one point, reaching $72.4 per barrel. WTI crude oil prices surged 5% at one point, climbing to $71.4 per barrel.
According to Reuters, this represents the largest single-day increase for benchmark contracts since March 2022 (one month after the full-scale Russia-Ukraine conflict). Ahmad Assiri, a research strategist at financial services company Pepperstone, wrote that the surge in Brent crude oil prices demonstrates both "imminent supply concerns and an increasingly strong feeling that negative news could prolong the escalation of the situation, unlike previous Israel-Iran conflicts." (Jinshi)
