Oil Prices Rose Over Threat of an Israeli Attack on Iranian Nuclear Facilities

This past week, Reuters reported that global oil prices rose on the news that Israel may be preparing a direct military strike on Iranian nuclear facilities, based on U.S. intelligence reports.  

The threat of an Israeli attack was felt in the energy markets, as such an escalation could derail ongoing U.S.-Iran negotiations for a new nuclear deal and ignite broader conflict across the Middle East, home to a substantial share of the world’s oil reserves. 

Brent crude climbed to $66.37 per barrel and West Texas Intermediate reached $62.56, fueled by fears of disruption to oil supply routes and market stability. 

Analysts warn that the mere possibility of a regional war raises the risk premium on oil, meaning Californians could again see higher prices at the pump. This reminds us that reliance on unstable foreign energy sources continues to leave California vulnerable to price spikes caused by events halfway around the world. 

This volatility underscores why California must prioritize energy security by producing more oil in-state, under the strictest environmental and labor laws in the world, rather than depending on imported oil from regimes with poor human rights records and no climate compliance standards.