CRUDE WRAP: WTI (N5) SETTLES USD 4.94 HIGHER AT 72.98/BBL; BRENT (Q5) SETTLES USD 4.87 HIGHER AT USD 74.23/BBL

Analysis details (19:32)

The crude complex surged on Friday after Israel launched attacks on Iran. The marked geopolitical escalation overnight from Israel set the tone for risk-off sentiment, and broader market moves. In wake of the Israeli attack overnight WTI and Brent soared to highs of USD 77.62/bbl and 78.50, respectively, albeit currently sit off those levels. There has been a deluge of geopolitical updates throughout the day, briefly recapping - Israel attacked Iran's nuclear facilities overnight, and continued throughout the day, and also killed senior military figures and nuclear scientists. Israel informed the US before the strikes, but the US maintain they were not involved and Iran says they were. In response, US President Trump has urged Iran to make a deal on its nuclear programme, warning of "even more brutal" Israeli attacks, and there is more to come from them, a lot more. In more recent trade, Iran began its response to Israel and Supreme Leader Khamenei said it will not remain unscathed and Tehran will not go for half measures in its response. Further still, an Iranian Senior official said that nowhere in Israel will be safe and its revenge will be painful. As such, all attention over the weekend will be on any responses and further escalations. For the record, in the weekly Baker Hughes Rig Count oil fell 3 to 439, Natgas fell 1 to 113, leaving the Total down 4 at 555.

13 Jun 2025 - 19:32- EnergyGeopolitical- Source: Newsquawk