Rep. Jay Obernolte, R-Calif., joins ‘Mornings with Maria’ to investigate Israel’s strikes inside Iran and focus on President Donald Trump’s previous warnings.
Oil costs surged Friday after the Israeli Protection Forces (IDF) launched a sweeping strike on Iran’s nuclear services 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 Avenue that escalating tensions between Israel and Iran might 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 had been round $73.50 per barrel.
Lipow Oil Associates President Andy Lipow mentioned the market is especially involved that Iran will retaliate by attacking both Israeli or American targets, resulting in a serious army escalation and potential oil provide disruption.
TRUMP ADMINISTRATION TO OPEN 13 MILLION ALASKA ACRES TO MINING, DRILLING
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 may believe that recent increases in OPEC+ oil supply, which have been far more than the market expected over the last three months, were designed to offset a loss of Iranian oil exports as hostilities ramp up,” Lipow mentioned. He estimated that the lack of Iranian oil to the market might elevate costs by as much as $7.50 per barrel, but when oil exports by way of the Strait of Hormuz are affected, costs might attain $100.
U.S. West Texas Intermediate costs climbed round 6% on Friday to $72 a barrel. (Reuters/Todd Korol / Reuters)
PRESIDENT TRUMP ON RISING TENSIONS WITH IRAN
Phil Flynn, senior vitality analyst at The PRICE Futures Group, instructed FOX Enterprise that costs might not spin uncontrolled as a result of there have not been any stories of injury to grease infrastructure and “threats in the past by Iran to shut down the Strait of Hormuz is probably 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’s probably pretty clear right now that they don’t have the military with the ability to do that. That’s especially true after some of their top leaders from the Iranian Revolutionary Guard were killed,” Flynn, additionally a FOX Enterprise Community contributor, mentioned.
In conditions like this, costs normally “overreact in the beginning” earlier than cooling down, in keeping with Flynn.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
“It’s going to be interesting to see how this plays out over the next couple of days regardless, though this probably means that oil prices will be more fairly priced as we move forward,” he added.
