Crude oil prices touched nearly $78 per barrel as tensions escalated between Israel and Iran, with both countries targeting each other's key energy infrastructure.
Israel launched airstrikes on several oil and gas fields in Iran, including South Pars, one of the world바카라冱 largest natural gas reserves. Iranian missile strikes on northern Israel reportedly caused localized damage to pipelines and transmission lines in the Bazan oil refinery complex near Haifa.
At 04.26 PM (IST) on June 16, the August 2025 contract of Brent crude, the international benchmark for oil prices, on the Intercontinental Exchange was trading at $73.380 per barrel, down by 0.8 percent from previous close.
Hours after Israel attacked Iran, oil prices shot up with Brent Crude, touching near $78 per barrel. It eased to $74 per barrel in the late afternoon (IST) on June 16.
Experts Mark Caution
Sundar Kewat, Technical and Derivatives Analyst, Ashika Institutional Equity, said that global markets are turning cautious on oil prices as the conflict between Israel and Iran continues to intensify. 바카라廨lobally, market mood turned cautious as rising tensions in the Middle East rattled investors. The geopolitical situation escalated following Israeli military strikes on Iran, raising concerns about potential disruptions to oil supply and regional stability,바카라 Kewat said.
ICICI Securities in the report highlighted that there is already a material impact on the earnings of oil marketing companies (OMCs) due to the surge in oil prices globally. The report stated, 바카라弩e estimate a material impact on OMC earnings and upside risk to upstream earnings even with crude at $73-74 per barrel as is the case now바카라.
Tension On Global Front
The conflict has rattled global markets, triggering a sharp spike in oil prices and raising fears of a prolonged geopolitical crisis. Concerns remain about supply disruptions, especially if tensions spread to the Strait of Hormuz, a key oil transit route.
Higher energy costs are expected to fuel global inflation, prompting central banks to reconsider interest rate policies. Equity markets have turned volatile as investors seek refuge in gold and the US dollar.
Trade routes through the Gulf are now riskier, increasing shipping and insurance costs for global businesses. With no signs of immediate de-escalation, the geopolitical risk premium may remain high, affecting investment decisions, slowing growth in oil-importing economies, and straining developing markets already grappling with tight financial conditions.
How Will India Get Impacted?
India, a major oil importer, faces immediate pressure from rising crude prices, which could widen its current account deficit and push up domestic fuel and transport costs.
This may lead to higher retail inflation, complicating monetary policy for the Reserve Bank of India and delaying potential interest rate cuts. A weaker rupee could further increase the cost of imports and foreign debt servicing.
Key sectors such as aviation, logistics, and oil marketing may suffer margin pressure, while investor sentiment could turn cautious, increasing volatility in Indian equity markets. Additionally, disruptions in trade with Israel and Iran, and potential instability in the Gulf, could impact remittances from Indian workers in West Asia.
Attacks Continue바카라ｦ
Iran launched massive daylight missile and drone barrages against Israel including hits in Bat Yam, Rehovot, Tel Aviv, Jerusalem, and Tamra. At least 7바카라10 Israelis were killed and around 200 were injured; the Weizmann Institute in Rehovot was also struck.
Israel carried out its most extensive strikes yet: targeting nuclear and military sites including Iran바카라冱 Defense Ministry, missile factories, nuclear facilities (Natanz, Isfahan), and an oil depot in Tehran, part of 바카라廾peration Rising Lion,바카라 with some strikes enabled by covert Mossad drone operations inside Iran.
Meanwhile, nuclear negotiations between Iran and the US, which were scheduled for June 15, were scrapped. Iran바카라冱 Foreign Minister stated Iran seeks no escalation yet will defend itself, while US President Trump claimed both nations 바카라忤ill have peace soon,바카라 though he provided no specifics. Iranian Foreign Ministry spokesperson Esmaeil Baghaei announced on June 16 that the country바카라冱 parliament is drafting legislation to pull out of the Nuclear Non-Proliferation Treaty (NPT).
