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 newly elected Chairman of the Nigerian Community Greater Manchester (NCGM), Otunba Dele Bashiru-Kaka, has…
The African Democratic Congress (ADC) has rejected the interim report of the Independent Corrupt Practices…
Iran on Saturday said it was close to reaching an agreement with Oman on a…
Troops of the Nigerian Army, working with other security personnel, have rescued a 50-year-old farmer…
A police report has reportedly uncovered multiple threats against Argentina captain Lionel Messi during the…
The Federal Government has supplied Benue State with 100 vials of Panaf Premium Anti-Snake Venom…
This website uses cookies.