OIL FUTURES: Crude surges 6% as Israel launches 'preemptive' strike on Iran

Crude oil futures moved sharply higher early in the June 13 session after Israel launched preemptive airstrikes against targets across Iran.

At 0048 GMT, NYMEX July WTI was up $4.44, or 6.5%, at $72.48/b and ICE August Brent traded $4.20 higher, or up 6.1%, at $73.56/b.

Crude prices surged following reports that Israeli forces launched attacks on Iranian targets, including the capital, Tehran. The scale and precise targets of the attacks remain unclear.

"[The attack is] obviously bullish near-term oil prices, but the key is whether oil exports will be affected," said Richard Joswick, head of near-term oil analysis at S&P Global Commodity Insights. "When Iran/Israel exchanged attacks last time, prices spiked then fell once clear, not escalating and had no impact on oil supply."

Israeli Defense Minister Israel Katz described the attack as a "preemptive strike," according to media reports, and declared a special state of emergency across the entire country as it awaits an expected Iranian response.

"Tonight, Israel took unilateral action against Iran. We are not involved in strikes against Iran, and our top priority is protecting American forces in the region," US Secretary of State Marco Rubio said.

The sixth round of US-Iran nuclear talks is scheduled for June 15 in Muscat, but it was unclear whether they would still occur following the escalation. Talks have reached an impasse surrounding whether Tehran would retain some level of nuclear enrichment capabilities.