Oil prices, on Monday, June 23, 2025, rose to their highest since January as the United States’ weekend move to join Israel in attacking Iran’s nuclear facilities stoked supply concerns.
Brent crude futures were up $1.52 or 1.97% to $78.53 a barrel as of 0503 GMT, while U.S. West Texas Intermediate crude advanced $1.51 or 2.04% to $75.35.
Both contracts jumped by more than 3% earlier in the session to $81.40 and $78.40, respectively, touching five-month highs before giving up some gains.
The rise in prices came after U.S. President Donald Trump said he had “obliterated” Iran’s main nuclear sites in strikes over the weekend, joining an Israeli assault in an escalation of conflict in the Middle East as Iran vowed to defend itself.
Trump warns of more attacks as U.S. bombs Iran’s nuclear sites
Iran is OPEC’s third-largest crude producer.
Market participants expect further price gains amid mounting fears that an Iranian retaliation may include a closure of the Strait of Hormuz, through which roughly a fifth of global crude supply flows.
“The current geopolitical escalation provides the fundamental catalyst for (Brent) prices to traverse higher and potentially spiral towards $100, with $120 per barrel appearing increasingly plausible,” the founder of New Delhi-based research firm SS WealthStreet, Sugandha Sachdeva, told Reuters.
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