Fact Check: "Following the June 13, 2025 attack by Israel on Iran, global oil prices increased by approximately 8% in one day."
What We Know
On June 13, 2025, Israel conducted a military strike against Iranian nuclear and military targets, which led to significant fluctuations in global oil prices. Reports indicate that the price of benchmark U.S. crude oil jumped by approximately 7.3% to $72.98 per barrel, while Brent crude rose by 7% to $74.23 per barrel (source-3, source-5). Analysts noted that this surge was driven by fears of potential disruptions in oil supply due to escalating tensions between Israel and Iran, particularly in the Strait of Hormuz, a critical shipping route for global oil (source-4).
Analysis
The claim that global oil prices increased by approximately 8% in one day following the attack is supported by multiple credible sources. The reported increase of 7.3% for U.S. crude and 7% for Brent crude indicates a substantial rise, although it does not precisely reach the 8% figure mentioned in the claim. However, the context of the situation suggests that the claim is not far from the truth, as fluctuations in oil prices can vary slightly based on market conditions and reporting times.
The sources reporting this event include established news organizations such as Reuters, CNN, and The Washington Post, which are generally considered reliable. These outlets provided consistent data regarding the percentage increase in oil prices and the broader implications of the military actions taken by Israel against Iran (source-3, source-4, source-5).
While the exact percentage increase may vary slightly based on the source, the consensus is that there was a significant rise in oil prices due to the geopolitical tensions stemming from the attack.
Conclusion
Verdict: True
The claim that global oil prices increased by approximately 8% in one day following the June 13, 2025 attack by Israel on Iran is substantiated by multiple reports indicating a significant rise in oil prices, with increases reported between 7% and 7.3%. The context of the military action and its implications for oil supply further supports the accuracy of the claim.
Sources
- Oil Prices Could Climb Higher if Tensions Between Israel and Iran ... - The New York Times
- What an Israel-Iran war means for oil prices - The Economist
- Oil settles up 7% as Israel, Iran trade air strikes - Reuters
- Oil prices surge while global shares retreat after Israel's strike on Iran - The Washington Post
- Oil prices jump 7% and stocks drop as Israel-Iran tensions escalate - CNN
- LIVE: Oil Prices Surge As Israel-Iran Conflict Heats Up - Oil Price
- Israel attacks Iran: the oil price impact, economic risks - Axios
- Israel-Iran conflict expected to hike US gas prices ... - ABC News
