ICE Brent Spikes 7% Initially in Response to Operation Rising Lion, Rallies Before Dropping 2%

ICE Brent, specifically the August 2025 future (July is no longer trading) went from just below $70 a barrel ($69.36 to be precise) to 74.23 USD per barrel from June 12th to June 13th during Operation Rising Lion. Futures continued to rally over successive days, peaking at 78.85 USD per barrel on June 19th.