DOE downplays impact of Israel-Iran tensions on fuel prices

June 13, 2025 , 09:11 PM

(June 13, 2025) – The Department of Energy (DOE) on Friday said it is too early to predict how the conflict between Israel and Iran will affect global fuel prices, urging the public not to panic.

Energy Secretary Raphael Lotilla noted that while oil prices typically surge when tensions rise in the Middle East, they often stabilize as other sources of supply come in.

“We usually see a spike, but the usual pattern is that it is able to normalize precisely because there are alternative sources that can be done,” said Lotilla.

“We have to take a look at actual impact. We should not engage in speculation at this point and unduly alarm our people.”

On early Friday, Israel launched airstrikes on Iranian nuclear facilities, ballistic missile factories, and military commanders early Friday in a bid to stop Tehran from producing nuclear warheads. Iran vowed to retaliate and has since launched around 100 drones toward Israel.

Lotilla said the current oil prices are still far from the highs seen when crude reached $100 per barrel. But the secretary said that the department is closely monitoring developments, noting the risks brought about by the situation.

He expressed hope that tensions won’t escalate further or disrupt key shipping lanes. About one-fifth of the world’s oil supply passes through the Strait of Hormuz, located south of Iran.

“While Saudi Arabia is committed to an increase of oil supplies and has an alternative outlet in the Red Sea portion of its territory, nevertheless, much of the supply from Saudi Arabia is on the Arabian and Persian Gulf and has to pass through the Gulf of Hormuz,” Lotilla added.

The DOE said it continues to monitor Dubai crude prices, which directly influence local fuel pump rates.

Brent crude futures rose 9.07% to $75.65 a barrel on Friday following Israel’s strikes on Iran, Reuters reported.

Energy Undersecretary Alessandro Sales noted that oil-producing countries are already taking steps that could help cushion the impact.

“The OPEC (Organization of the Petroleum Exporting Countries) has already made a decision to gradually ease the restriction of their supply, their own self-imposed supply restrictions,” added Sales. “By next year, because of these loosening up of restrictions, the world supply will actually be oversupplied by close to a million barrels.”

(With reports from Mon Gualvez, News5 correspondent)

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