BlockBeats News, June 13 – International oil prices saw their largest single-day percentage increase in years, reflecting concerns over a potential escalation of the Middle East conflict that could lead to a significant disruption in energy supplies. Brent crude prices surged by 4.3% to $72.4 per barrel at one point, while WTI crude prices climbed by 5% to $71.4 per barrel at their peak.
According to Reuters, this marks the largest single-day gain in benchmark contracts since March 2022, a month after the full-scale outbreak of the Russia-Ukraine conflict. Ahmad Assiri, a research strategist at financial services firm Pepperstone, wrote that the surge in Brent crude prices both highlights "immediate supply concerns" and reflects "a growing sense that negative news could prolong the escalation of tensions, unlike prior Israel-Iran conflicts." (Jin10)
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