Fact Check: "Crude oil prices surged more than 10% following the Israeli air strike that killed Hajizadeh."
What We Know
On June 12, 2025, crude oil prices experienced a significant surge following an Israeli air strike on Iranian targets, which was part of escalating tensions in the region. Reports indicate that the price of Brent crude, the international benchmark, rose by more than 10% during trading, reaching an intraday high of $78.50 before settling at $74.23, which still represented a 7% increase from the previous day’s closing price (BBC, Reuters). This spike in oil prices was attributed to concerns that the conflict could disrupt oil supplies from the Middle East, a region that is critical for global oil production (BBC, Energy Magazine).
Analysis
The claim that crude oil prices surged more than 10% is corroborated by multiple reliable sources. The BBC reported that Brent crude prices rose significantly due to fears of supply disruptions stemming from the conflict between Israel and Iran. Similarly, Reuters confirmed that Brent crude futures had settled up by 7.02% after initially soaring over 13% during the trading session. This indicates that while the peak increase was indeed over 10%, the final settlement was slightly lower, which is typical in volatile markets.
The reliability of these sources is high. The BBC is a well-established news organization known for its comprehensive reporting, while Reuters is a leading global news agency that specializes in financial and market news. Both outlets have a reputation for accuracy and thoroughness in their reporting. Additionally, the analysis provided by energy experts, such as Saul Kavonic from MST Financial, adds credibility to the claims about market reactions to geopolitical events (BBC, Reuters).
Furthermore, the context of the air strike and its implications for oil supply chains were discussed extensively, with analysts warning that a broader conflict could significantly impact oil production in the region (Energy Magazine). This aligns with historical patterns where geopolitical tensions have led to spikes in oil prices.
Conclusion
Verdict: True
The claim that crude oil prices surged more than 10% following the Israeli air strike that killed Hajizadeh is accurate. Multiple reputable sources confirm that Brent crude prices rose significantly due to heightened tensions in the Middle East, with initial spikes exceeding 10%. The overall market reaction reflects the ongoing concerns about the stability of oil supplies in a region critical to global energy needs.
Sources
- Global oil prices soar after Israel attacks Iran
- Oil settles up 7% as Israel, Iran trade air strikes
- Oil prices surge after Israel launches airstrikes against Iran
- Oil prices rise following Hamas attack on Israel
- Oil prices surge 10% after Israel launches unilateral airstrikes
- Oil prices rise following Hamas attack on Israel
- Israel-Hamas war causes spike in oil prices. Here's what it means for ...
- Iran-Israel: Why Oil Prices have Surged 10%
