Crude oil prices surged 13% on June 13 after the Israel-Iran war erupts. Global markets panic as the risk of U.S. entry rises. India faces inflation pressure amid soaring oil costs.
War Breaks Out, Markets Panic
It was the 13th of June and the world watched in awe as Israel carried out its first missile strike on Iran’s military bases in Tehran and Isfahan. A regional flashpoint immediately escalated into a global economic quake. Tensions in West Asia came to boil within days and the worry of the United States joining the war has given oil traders and investors a cold sweat. The shockwaves? Crude oil prices are skyrocketing at the speed of a rocket.
Oil Prices Take Off After First Strike
The Israeli missiles had not even landed when international oil markets roared to life. According to Reuters, Brent crude made a wild jump from $69.36 to $74.23 per barrel—nearly 7% in a single day. This wasn’t just a blip. It was the warning shot ahead of a bumpy ride. The energy market has not been this rattled since the Russia-Ukraine crisis.
A Week of Chaos Sends Crude Up 13%
Through 19 June, oil prices were up by almost 13%. Crude oil on CNBC exceeded $106 per barrel and US WTI crude hit $87.68. The war had simply added a $10 per barrel “risk premium,” analysts said — a cruel disclosure of just how delicate global supply chains are during geopolitical crises. Bloomberg also cited concerns by investors that Iran would block the Strait of Hormuz, through which much of the world’s oil is transported. If so, it says, prices might rise to $120 per barrel.
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India on the Edge: 85% Oil Import Woes
And for India, it’s far more than assembles of numbers. The nation imports about 85% of its crude needs. For every $1 rise the rupee gets hurt, impacting petrol-diesel prices and also fuel inflation. They warn that over $80 oil could stretch government subsidies and widen the fiscal deficit. Ambuj Agrawal, an energy expert, notes that “this is not simply a price increase — this is a geopolitical time bomb waiting to explode.”
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What Lies Ahead? Turmoil or Relief?
As Iran and Israel refuse to back down and Russia hints at jumping in, the conflict is becoming a powder keg. If nations that produce oil don’t jump in and increase output, weeks ahead hold the potential for crude to climb to $90 or more. The world economy now is hostage to missiles, not just markets.
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