Gasoil Spikes initially 6% in response to Operation Rising Lion, Rallies Strong before Dropping 5%

Gasoil spiked on June 13th 2025, coinciding with Israel's launch of a large scale military operation against Iran called Operation Rising Lion. 

This was described by Israel as a preemptive measure in response to intelligence on Iran's closing in on capability to produce nuclear weapons. 

July25 gasoil futures (for delivery of 100 metric tonnes of low sulphur gasoil) rose 6% from 645 to 684.25 from June 12th to June 13th, rising again to 798.5 on June 19th, a 24% rise in price since the start of the operation, before coming down to 758.5 on June 20th, a 5% drop in a day.

The July gasoil futures contract has been oscillating between 650 and 700 USD per 100 metric tonnes over the past year, with a similar range applicable to the August gasoil futures contract as well.