Oil prices increased on Tuesday, June 17, 2025, on concerns the Iran-Israel conflict may intensify.
The conflict raised the risk of further unrest and the potential disruption of oil supply from the key Middle East producing region.
Brent crude futures rose 34 cents, or 0.5%, to $73.57 a barrel as of 0340 GMT, while U.S. West Texas Intermediate crude was up 29 cents, or 0.4%, at $72.06.
Both contracts rose more than 2% earlier in the trading session.
Oil prices settled more than 1% lower on Monday on hopes that the conflict would ease after media reports Iran was seeking an end to hostilities.
However, concerns have escalated after United States President Donald Trump in a social media post urged “everyone” to evacuate the Iranian capital of Tehran.
Entering its fifth day on Tuesday, the fighting has continued with Iranian media reporting explosions and heavy air defence fire in Tehran.
Thousands flee Iran’s capital after Israeli attacks
In Israel, air raid sirens sounded in Tel Aviv in response to Iranian missiles.
Most of the market is focused on the uncertainty around the Iran-Israel hostilities, Reuters reported.
Iran is the third-largest producer among members of the Organization of the Petroleum Exporting Countries. The concern is the fighting could disrupt its oil supply and raise prices.
U.S. media on Monday night reported that Trump is proposing renewed talks with Iran on a nuclear deal, even as other reports of an incident involving shipping in the Gulf of Oman highlight the risks to companies moving oil and fuel supplies in the region.
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