Oil Prices Fluctuate Amid Middle East Tensions Following U.S. & Israeli Strikes on Iran

PUKMEDIA

Oil prices.

On Monday, 23 June 2025, oil prices oscillated, reaching a five-month high before retreating as oil and gas shipments from the Middle East continued despite recent U.S. airstrikes on Iran over the weekend.

According to Reuters, Brent crude futures rose by 16 cents, or 0.2%, to $77.17 per barrel by 13:07 GMT. Meanwhile, U.S. West Texas Intermediate (WTI) crude increased by 14 cents, or 0.2%, to $73.98 per barrel.

U.S. President Donald Trump declared that he had "obliterated" Iran’s primary nuclear sites during the weekend strikes, marking a significant escalation in the Middle East conflict alongside Israeli military actions. Tehran responded by vowing to defend itself.

On Monday, Israel conducted further strikes targeting locations in Tehran and the Iranian nuclear facility at Fordow, which had also been targeted by the U.S. attack.

Iran, the third-largest crude producer within OPEC, stated that the U.S. assault on its nuclear sites broadened the scope of legitimate targets for its armed forces. Iranian officials labelled President Trump a "gambler" for aligning with Israel’s military campaign against the Islamic Republic.

During the European trading session, Brent and WTI crude benchmarks peaked at five-month highs of $81.40 and $78.40 respectively, before fluctuating between gains and losses.

Since the conflict’s onset on 13 June, prices have risen amid growing concerns over crude supply disruptions in the Middle East, particularly the threat of Iran retaliating by closing the Strait of Hormuz—a vital maritime route responsible for approximately one-fifth of global oil shipments.

“All eyes remain on the Strait of Hormuz ... and whether Iran will seek to disrupt tanker traffic,” commented Ole Hansen, analyst at Saxo Bank.




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