Oil jumps over 7% after Israel’s strikes on Iran

June 13, 2025 , 06:07 PM

By Seher Dareen

(June 13, 2025, REUTERS) – Oil prices jumped more than 7% on Friday, trading near multi-month highs after Israel launched widescale strikes against Iran, sparking Iranian retaliation and raising worries about disrupted oil supplies.

Brent crude futures jumped $5.1, or around 7.4%, to $74.46 a barrel by 0843 GMT after hitting an intraday high of $78.50, the highest since January 27.

U.S. West Texas Intermediate crude was up $5.1, or 7.5%, at $73.15 a barrel after hitting a high of $77.62, its highest level since January 21.

Friday’s gains were the largest intraday moves for both contracts since 2022, after Russia’s invasion of Ukraine caused a spike in energy prices.

Israel said it targeted Iran’s nuclear facilities, ballistic missile factories and military commanders on Friday at the start of what it warned would be a prolonged operation to prevent Tehran from building an atomic weapon.

Iran’s nuclear facility in Natanz was damaged, the country’s atomic energy organization said in a statement, but investigations have not shown any radioactive or chemical contamination outside the site.

The primary concern was around whether the latest developments would affect the Strait of Hormuz, said SEB analyst Ole Hvalbye. The key waterway had been at risk of impact from increased regional volatility previously but had not been affected so far, Hvalbye said.

There was also no impact to oil flow in the region so far, he added.

About a fifth of the world’s total oil consumption passes through the strait, or some 18 to 19 million barrels per day (bpd) of oil, condensate and fuel.

Under a worst case scenario, JPMorgan analysts said on Thursday that closing the strait or a retaliatory response from major oil producing countries in the region could lead to prices surging to the $120-130 a barrel range, nearly double their current base case forecast.

The $10 a barrel price gain in the past three days had yet to reflect any drop in Iranian oil production, let alone an escalation that could involve disruption to energy flows through the Strait of Hormuz, Barclays analyst Amarpreet Singh said in a note.

U.S. Secretary of State Marco Rubio called Israeli strikes against Iran a “unilateral action” and said Washington was not involved while also urging Tehran not to target U.S. interests or personnel in the region.

“The key question now is whether this oil rally will last longer than the weekend or a week – our signal is that there is a lower probability of a full-blown war, and the oil price rally will likely encounter resistance,” said Janiv Shah, analyst at Rystad.

“Fundamentals show nearly all Iranian exports going to China, so Chinese discounted purchases would be most at risk here. OPEC+ spare capacity can provide the stabilizing force,” he added.

In other markets, stocks dived and there was a rush to safe havens such as gold and the Swiss franc.

“A key question is whether the Iranian retaliation will be limited to Israel or if the leadership will seek to internationalize the cost of tonight’s action by targeting bases and critical economic infrastructure across the wider region,” RBC Capital analyst Helima Croft said in a note.

(Reporting by Seher Dareen and Florence Tan; Editing by Stephen Coates and Rachna Uppal)

Privacy Statement

Our Privacy Commitment

TV5 Network Inc. values and respects your privacy. We are committed to safeguarding your personal data in compliance with Republic Act No. 10173 or the Data Privacy Act of 2012 and its implementing rules and regulations.

We have developed a Privacy Policy that adopts and observes appropriate standards for personal data protection. While our Privacy Policy sets out the general principles governing the collection, use, and disclosure of our users’ personal information, our Privacy Commitment seeks to inform you more about TV5’s privacy practices.

Why do we collect your personal information (as applicable)?

We may collect and maintain basic information about you as site user of TV5 sites for the following purposes:

To deliver news and updates on current events, sports, esports and entertainment;
To share livestreams of news and sports events;
To understand our viewers’ needs and preferences;
To meet legal and regulatory requirements; and
To perform other processes or disclosures that are required to comply with pertinent laws, rules, or regulations.

Where do we get your personal information?

There are several ways we collect your personal information.

Information that you personally provided.

Most of the personal information we have are those that you have provided us when you:
- Register to our programs or services;
- Inquired, filed a complaint or requested for our services;
- Took part in our research and surveys; and/or
- Became our Partner, Vendor, Contractor or Supplier.

Information we collect during your engagement with us

We also collect information as you use our products and services, like:
- Viewing our websites;
- Activities that are being tracked by our website cookies;
- Calling our hotline;
- Using our apps, websites, and self-service channels and portals; and/or
- Joining our promos, prize raffles, or rewards and loyalty programs.

Information we collect from other sources

Other means of collection of information may be through:
- Our market research initiatives;
- When you visit and use our websites and mobile application; and
- Subsidiaries, affiliates, and third-party business partners to whom you have given consent to share your information to us.

When do we disclose personal information?

There may be instances when we are required to share the information you provided us. In such cases, we ensure that your personal information will be disclosed on a confidential manner, through secure channels and in compliance with the Data Privacy Act and other privacy laws.

We will never share, rent, or sell your personal information to third parties outside of TV5 except in special cases where you have given consent, and in cases described in our privacy policy.

In some instances, we may be required to disclose your personal information to our agents, subsidiaries, affiliates, business partners and other third-party agencies and service providers as part of our regular business operations and for the provision of our programs and services. This means we might share your information with our service providers, contractors, and professional advisers who help us provide our services.

How we protect your personal information

The integrity, confidentiality, and security of your information is important to us. We have implemented technical, organizational, and physical security measures that are designed to protect your information from unauthorized or fraudulent access, alteration, disclosure, misuse, and other unlawful activities.

We also put in effect the following safeguards:

We keep and protect your information using a secured server behind a firewall, encryption and security controls;
We keep your information only for as long as it is necessary for us to (a) provide the products and services that you avail from us, (b) for our legitimate business purposes, (c) to comply with pertinent laws, and (d) for special cases that will require the exercise or defense of legal claims;
We limit the access to your information only to qualified and authorized personnel who are trained to handle your information with strict confidentiality;
We undergo regular audits and rigorous testing of our infrastructure’s security protocols to ensure your data is always protected;
We promptly notify you and the National Privacy Commission when sensitive personal information that may, under the circumstances, be used to enable identity fraud are reasonably believed to have been acquired by an unauthorized person; and
We let you update your information securely to keep our records accurate.

TV5 will not collect, use, or disclose your personal information for any purpose other than the purpose that you may have given your consent for.

What are your choices?

We make sure that we have your consent to continue to collect, use, and disclose your personal information for the purposes that we have identified. We want you to know that you may object or withdraw your consent and/or edit your consent preferences at any time.

If you wish to have access to the personal information in our custody or if you think that the personal information you provided is incomplete, or otherwise inaccurate, you may get in touch with our Data Protection Officer through the contact details provided below. In some instances, we may request for supporting documents or proof before we effect requested changes.

Data Protection Officer
TV5 Network Inc.
Reliance corner Sheridan Streets
Mandaluyong City
tv5dataprivacy@tv5.com.ph

What happens when there are changes in our Policy?

From time to time, we may update our privacy policy and practices to comply with changes in applicable laws and regulatory requirements, adapt to new technologies and protocols, and align with the best practices of the industry.

You will be provided notices if the changes are significant and, if we are required by law, we will obtain your updated consent.