Oil prices surge after Israeli strike on Iran
Global oil prices soared on June 13 after Israel launched a strike on Iran, triggering fears of a broader conflict in the energy-rich Middle East that could disrupt global supplies, the BBC reported.
The spike threatens to undermine Western efforts to choke off a vital revenue stream for Russia, which relies heavily on oil profits to sustain its war in Ukraine.
According to the BBC, Brent and Nymex crude prices jumped by more than 10% following the Israeli attack, reaching their highest levels since January. Prices later stabilized but remained about 7.5% higher, with Brent at $74.50 a barrel and Nymex at $73.20.
The price surge comes at a crucial time for Ukraine and its Western allies, who are intensifying efforts to minimize the Kremlin's oil revenues — the backbone of Russia's wartime economy.
President Volodymyr Zelensky urged the European Union on June 11 to impose tougher sanctions on Russia, including a more aggressive price cap on oil exports.
"A ceiling of $45 per barrel of oil is better than $60, that's clear," Zelensky said at the Ukraine-Southeast Europe Summit in Odesa. "But real peace will come with a ceiling of $30. That's the level that will really change the mindset in Moscow."
The EU's current $60 per barrel cap, introduced in December 2022, prohibits Western companies from shipping, insuring, or servicing Russian oil sold above the threshold. While this measure has curtailed some of Russia's profits, the Kremlin continues to earn significant revenue, especially when market prices rise.
European Commission President Ursula von der Leyen said on June 10 that the EU is considering lowering the cap to $45, a move that will be discussed at the G7 summit in Canada between June 15 and 17. According to Reuters, most G7 countries, excluding the U.S. and Japan, are prepared to proceed with the reduction regardless of Washington's stance.
Israeli Prime Minister Benjamin Netanyahu said early on June 13 that Israeli forces had launched "Operation Rising Lion," a preemptive strike targeting Iran's nuclear program. In a televised address, Netanyahu claimed Israeli forces struck Iran's main nuclear enrichment site in Natanz and targeted key nuclear scientists.
Read also: Key to Russia's defeat lies in its economy
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The Hill
18 minutes ago
- The Hill
How Israeli strikes dealt a serious blow to Iran's nuclear ambitions
Israel's sweeping attack across Iran struck at the heart of Tehran's nuclear program, delivering a blow to the country's ability to enrich uranium and potentially setting its nuclear ambitions back by months or years. As well as killing key military figures and nuclear scientists, the Israeli strikes destroyed part of a plant that was enriching uranium to levels far beyond the requirements for nuclear-fueled power stations. The attacks also destroyed backup power for the underground section of the plant, potentially damaging more sensitive equipment. Iran's nuclear program has progressed rapidly since 2018, when the U.S. withdrew from a deal to limit Tehran's capacity to enrich uranium, which is necessary to build a nuclear weapon. Iran maintains that its program is peaceful, but the head of the International Atomic Energy Agency has repeatedly warned that the country has enough enriched uranium to make several nuclear bombs if it chose to do so. Nuclear regulators said the assault was unlikely to lead to increased levels of radiation, even at the site where part of the fuel-enrichment plant was destroyed. Here's a closer look at the attack and its likely effects on Iran's nuclear efforts. Israel killed top military figures and nuclear scientists and destroyed part of a key enrichment site. There is 'no question' it did substantial damage, said Fabian Hinz, an expert on Iran's nuclear program at the International Institute of Strategic Studies in London. David Albright, a nuclear weapons expert, speculated that the initial wave of attacks could set back any Iranian attempt to develop a nuclear weapon by about a year. A key question, Hinz said, is whether Israel also targeted suppliers of specialist components such as centrifuges and subcontractors. Israel's strategy appears to be to 'destroy the brains' behind the program and 'as much equipment as possible,' said Albright, who agreed that Israel has potentially done a 'tremendous amount of damage' to the program. Israel is widely believed to be behind a series of attacks in recent years that targeted Iranian nuclear scientists and sabotaged nuclear facilities. Hinz suggested a key Israeli goal was to undermine Iran's ability to make centrifuges, which are critical for enriching uranium. Uranium enrichment is a key component of building a nuclear weapon, but weapons also require detonators and a means of delivery, like missiles. Iran has two uranium-enrichment sites, and the country said Wednesday that it has built and will activate a third enrichment facility. On Thursday, Israel struck Iran's main and oldest facility in Natanz, 220 kilometers (135 miles) southeast of Tehran, which was protected by anti-aircraft batteries, fencing and Iran's paramilitary Revolutionary Guard. The IAEA's chief, Rafael Grossi, told an emergency meeting of the U.N. Security Council on Friday that the above-ground part of the plant where uranium was enriched up to 60% was destroyed, along with electrical infrastructure, including a substation, the main electric power supply building, the emergency power supply and backup generators. Grossi said there were no changes to radiation levels following the attack or any indication of damage to the underground section of the plant. That part of the facility is buried to protect it from airstrikes and contains the bulk of Natanz's enrichment facilities, with 10,000 centrifuges that enrich uranium up to 5%, Albright said. However, Grossi said, the loss of power may have damaged centrifuges. There is a good chance the strikes still caused 'massive damage,' Hinz said because many of the centrifuges were probably operating at the time of the strike. Centrifuges, Albright said, 'don't like vibration,' and the shock waves or loss of power could break delicate parts when they are rotating at high speed. Most of Iran's centrifuges are in Natanz, the experts said, because a lot of them are required to enrich uranium to 5% — which is the maximum level normally used for nuclear-fueled power stations. But, buried under a huge mountain at Fordo, around 100 kilometers (60 miles) southwest of Tehran, is another nuclear facility where Iran is also enriching uranium to 60%, which is only a short step away from weapons-grade levels of 90%. According to the IAEA, Tehran has the largest number of its most powerful centrifuges at Fordo. An Iranian news outlet close to the government reported Friday that two explosions were heard near the Fordo site. But, while Israel could potentially hit the entrance to Fordo and temporarily block access, it is not believed to have the type of earth-penetrating bombs required to blow up the mountain and crack open the nuclear facility inside, Hinz said. That capacity lies with the U.S., which has developed a massive bomb that can be dropped only from large aircraft that Israel does not have in service, he said. The potential for more strikes loomed large. Israeli Prime Minister Benjamin Netanyahu has said the attacks will continue 'for as many days at it takes to remove this threat.' Hinz said the attacks showed Israeli intelligence had 'absolutely exceptional' knowledge of Iran's nuclear program and the ability to strike at key targets 'with precision.' That could mean Israel could sabotage the plant, rather than trying to blast the mountain open. Albright suggested Israel could try to cut off electricity to Fordo, which could lead to centrifuges breaking. Although Grossi said part of the enrichment facility at Natanz was destroyed, he noted that radiation levels had not spiked. Even if radiation did leak, experts said, the amount would be unlikely to pose a risk to people in the region or even those near the facilities that got hit. 'Very little uranium will be released in these kind of attacks,' Albright said. Uranium itself is not especially toxic, he said, and is common in parts of the environment. A person standing near an enrichment facility with a leak would probably be exposed to no more radiation than someone who took several transatlantic flights, which receive slightly higher radiation because radiation doses are larger at high altitudes, he said. In order to become sick, someone would have to ingest large quantities of uranium, Albright said, pointing out that the element can be found naturally in seawater and the earth's crust. Rather than radiation, the greater risk might be from fluorine, which is used to enrich uranium and could have been deadly to those nearby if released during an attack. Fluorine is mixed with the uranium during enrichment to turn it into a gas called uranium hexafluoride. It is extremely volatile, will quickly corrode and can burn the skin. It is especially deadly if inhaled. ___ The Associated Press receives support for nuclear security coverage from the Carnegie Corporation of New York and Outrider Foundation. The AP is solely responsible for all content. ___ Additional AP coverage of the nuclear landscape:
Yahoo
an hour ago
- Yahoo
Iran says nuclear talks with US 'meaningless' after Israel attack
CAIRO (Reuters) -Iran said on Friday the dialogue with the U.S. over Tehran's nuclear programme is "meaningless" after Israel's biggest-ever military strike against its longstanding enemy, accusing Washington of supporting the attack. "The other side (the U.S.) acted in a way that makes dialogue meaningless. You cannot claim to negotiate and at the same time divide work by allowing the Zionist regime (Israel) to target Iran's territory," the semi-official Tasnim news agency quoted foreign ministry spokesperson Esmaeil Baghaei as saying. He said Israel "succeeded in influencing" the diplomatic process and the Israeli attack would not have happened without Washington's permission. Iran earlier accused the U.S. of being complicit in Israel's attacks, but Washington denied the allegation and told Tehran at the United Nations Security Council that it would be "wise" to negotiate over its nuclear programme. The sixth round of U.S.-Iran nuclear talks was set to be held on Sunday in Muscat, but it was unclear whether it would go ahead after the Israeli strikes. Iran denies that its uranium enrichment programme is for anything other than civilian purposes, rejecting Israeli allegations that it is secretly developing nuclear weapons. U.S. President Donald Trump told Reuters that he and his team had known the Israeli attacks were coming but they still saw room for an accord.
Yahoo
2 hours ago
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Iran launches more missiles at Israel after it targets nuclear facilities
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