Brent Crude Skyrocket After Israel’s Strike on Iran’s Nuclear Sites
First Big Leap Since February 2022
In a shock to the market, Brent crude has woken up roaring, jumping 7% flat to $74 a barrel—its biggest weekly climb since early 2022.
What’s Fueling the Surge?
- Geopolitical jitters: Israel’s recent attack on Iranian nuclear facilities has sent ripples through the global oil market.
- Shipping worries: The Strait of Hormuz, where roughly 20% of worldwide oil—and a larger share of liquefied natural gas—traverses, could see disruptions that ripple through supply chains.
- Inventory slide: U.S. oil banks were trimmed by 3.6 million barrels last week, marking the third straight drop and nudging demand‑side prices higher.
Expert Insight
Hargreaves Lansdown analyst Derren Nathan weighed in: “It’s not just the outlook for Iranian exports that’s a concern but also the potential for disruption to shipping in the Persian Gulf’s Strait of Hormuz, a key route for about 20% of global oil flows and an even higher proportion of liquified natural gas haulage. A 3.6‑million‑barrel draw on US inventories last week, the third consecutive weekly decline, is also providing support for prices on the demand side.”
Bottom Line
With geopolitical tension in the mix and oil stocks running low, Brent’s rally feels less like a market correction and more like a dramatic plot twist—one that investors will be watching closely.
