Overview

• Israel’s airstrikes on Iran’s nuclear facilities and senior military targets drove West Texas Intermediate up about 6% to $72 a barrel.
• Brent crude rose roughly 7% to over $74 a barrel, marking its largest daily gain this year.
• Houston oil majors Exxon, Chevron, Phillips 66 and Occidental all saw stock price increases in midday trading.
• Analysts warn the spike may prove temporary unless Iran’s response leads to sustained supply disruptions.
• Permian Basin wells break even at $61 to $65 a barrel, keeping most U.S. producers profitable at current prices.