On June 13, international oil prices saw the largest single-day percentage increase in years, reflecting concerns that an escalation of conflicts in the Middle East could lead to severe energy supply disruptions. Brent crude prices briefly rose by 4.3%, reaching $72.4 per barrel. WTI crude prices briefly rose by 5%, reaching $71.4 per barrel. According to Reuters, this is the largest single-day increase in benchmark contracts since March 2022 (a month after the full outbreak of the Russia-Ukraine conflict). Ahmad Assiri, a research strategist at financial services firm Pepperstone, noted that the surge in Brent crude prices indicates both 'imminent supply concerns and a growing sense that negative news may prolong the escalation, unlike previous Israel-Iran conflicts.'