Rep. Jay Obernolte, R-Calif., joins ‘Mornings with Maria’ to investigate Israel’s strikes inside Iran and talk about President Donald Trump’s previous warnings.
Oil costs surged Friday after the Israeli Protection Forces (IDF) launched a sweeping strike on Iran’s nuclear amenities and army leaders.
U.S. West Texas Intermediate costs climbed round 6% on Friday to $72 a barrel because the strikes raised considerations on Wall Road that escalating tensions between Israel and Iran may disrupt Iranian vitality provides. World benchmark Brent crude rose as a lot as 10%, hitting its highest stage since January. As of midday ET, Brent costs have been round $73.50 per barrel.
Lipow Oil Associates President Andy Lipow stated the market is especially involved that Iran will retaliate by attacking both Israeli or American targets, resulting in a significant army escalation and potential oil provide disruption.
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Smoke rises from a location allegedly focused in Israel’s wave of strikes on Tehran, Iran, within the early morning of June 13, 2025. (SAN/Center East Photos/AFP by way of Getty Photos / Getty Photos)
“Iran might imagine that current will increase in OPEC+ oil provide, which have been excess of the market anticipated during the last three months, have been designed to offset a lack of Iranian oil exports as hostilities ramp up,” Lipow stated. He estimated that the lack of Iranian oil to the market may elevate costs by as much as $7.50 per barrel, but when oil exports via the Strait of Hormuz are affected, costs may attain $100.
U.S. West Texas Intermediate costs climbed round 6% on Friday to $72 a barrel. (Reuters/Todd Korol / Reuters)
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Phil Flynn, senior vitality analyst at The PRICE Futures Group, informed FOX Enterprise that costs might not spin uncontrolled as a result of there have not been any stories of harm to grease infrastructure and “threats previously by Iran to close down the Strait of Hormuz might be unlikely.”
Rescuers work on the scene of a broken constructing within the aftermath of Israeli strikes in Tehran, Iran, on June 13, 2025. (Reuters)
“It is in all probability fairly clear proper now that they do not have the army with the flexibility to do this. That is very true after a few of their prime leaders from the Iranian Revolutionary Guard have been killed,” Flynn, additionally a FOX Enterprise Community contributor, stated.
In conditions like this, costs normally “overreact at first” earlier than cooling down, in accordance with Flynn.
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“It may be fascinating to see how this performs out over the following couple of days regardless, although this in all probability implies that oil costs can be extra pretty priced as we transfer ahead,” he added.
