Escalating Middle East tensions drove international crude oil prices to surge over 10% intraday on June 13.

West Texas Intermediate (WTI) crude for July delivery increased by 7.26%, reaching US$72.98 per barrel on the New York Mercantile Exchange. Brent crude for August delivery rose by 7.02%, settling at US$74.23 per barrel.

J.P. Morgan warned that oil prices could soar to US$130 per barrel in a worst-case scenario. However, Goldman Sachs analysts noted that the crude oil market remains oversupplied due to ongoing production increases by OPEC+ and uncertain global trade prospects, which are weakening crude demand. International crude oil prices may not sustain their upward momentum.