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.
The International Criminal Court (ICC) on Tuesday, December 9, 2025, sentenced a Janjaweed militia leader…
President Bola Tinubu has requested the approval of the Senate to deploy troops to the…
The Economic Community of West African States (ECOWAS) has declared a state of emergency across…
Cargo operations at the Kaduna Inland Dry Port (KIDP) have recorded significant improvement, with monthly…
The Nigerian Air Force has confirmed that a NAF C-130 military aircraft made an emergency…
The Confederation of the States of the Sahel (AES) has accused Nigeria of violating Burkina…
This website uses cookies.