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— Rapid Response 47 (@RapidResponse47) June 13, 2025

“Moments ago, Israel launched Operation Rising Lion, a targeted military operation to roll back the Iranian threat to Israel’s very survival.

This operation will continue for as many days as it takes to remove this threat.”

Oil surged after Israel carried out airstrikes against targets in Iran, raising fears of fresh confrontations in a region that accounts for a third of global crude production.

Brent rose as much as 6%, jumping toward $74 a barrel, while West Texas Intermediate also rallied. Israeli Defense Minister Israel Katz said there had been a “preemptive strike against Iran” and declared a state of emergency as the country prepared for retaliation. Earlier, US President Donald Trump said Israel “could very well” hit Tehran.

“We are back in an environment of heightened geopolitical uncertainty, leaving the oil market on tenterhooks and requiring it to start pricing in a larger risk premium for any potential supply disruptions,” said Warren Patterson, head of commodities strategy at ING Groep NV.

Futures on Wall Street have tanked following reports of Israel’s strikes on Iranian locations, also leading to a surge in crude oil prices.

The Dow futures are down 500 points, while the S&P 500 and Nasdaq futures are down 80 and 350 points respectively.

Israel has launched attacks on Iran, further deteriorating the geopolitical situation in the Middle East.

Futures on Wall Street have sunk post the news.

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