Overview

• The Israel Defense Forces said it deployed dozens of fighter jets in a June 13 operation targeting Iran’s nuclear and missile complexes.
• Brent crude jumped as much as 13%, trading above $75 per barrel, while U.S. benchmarks rose nearly 8% to around $74.
• Iran’s supreme leader vowed “severe punishment” and threatened to disrupt oil shipments through the Strait of Hormuz.
• IEA head Fatih Birol confirmed readiness to tap into 1.2 billion barrels of strategic reserves if shortages emerge.
• Stock markets across Israel, Europe, and Asia fell on rising conflict risks, underlining the vulnerability of heavy oil importers such as India to disruptions in Gulf shipping.