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American Focus > Blog > Economy > Oil price jumps after US strikes Iran
Economy

Oil price jumps after US strikes Iran

Last updated: June 22, 2025 4:50 pm
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Oil price jumps after US strikes Iran
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Oil prices hit a five-month high following the US airstrikes on Iran’s nuclear facilities, raising concerns about potential retaliation from Tehran. Brent crude, the global benchmark, surged by 5.7% initially but later settled around 3% higher at $79 a barrel. Similarly, West Texas Intermediate rose to $76.83 per barrel.

Market analysts are closely monitoring Iran’s response to the US attacks, with the possibility of a significant impact on oil prices. The escalation in tensions has introduced a new level of volatility in energy markets, leading to uncertainty among traders.

President Donald Trump’s warning of further action if Iran does not seek peace has intensified the situation. Iranian hardliners have already called for retaliatory measures, including attacks on US naval fleets in the Gulf and disrupting shipping in the strategic Strait of Hormuz.

The narrow waterway, through which a third of the world’s seaborne oil supplies pass daily, is a critical chokepoint that could be targeted by Iran. While experts believe that a complete closure of the strait may be challenging due to the US Navy’s presence, the threat of attacks on tankers and ports remains a concern.

In addition to targeting the strait, Iran could also strike oilfields and infrastructure in US allies like Saudi Arabia and Qatar. The Gulf countries have expressed concerns about the escalating tensions and have called for a de-escalation of the conflict.

Despite the potential disruptions in Iranian oil exports, global oil supply from OPEC+ countries and existing inventories could help mitigate any shortages. However, prolonged geopolitical tensions in the Middle East could lead to sustained high oil prices, impacting inflation and global economic growth.

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As the situation unfolds, the focus remains on Iran’s next move and its implications for the oil market. The Trump administration faces a delicate balancing act of curbing Iran’s nuclear ambitions while avoiding a prolonged spike in oil prices that could harm the US economy.

The ongoing developments in the region underscore the fragility of the energy markets and the interconnected nature of global geopolitics. Investors and policymakers are closely monitoring the situation for any further escalations that could have far-reaching consequences.

TAGGED:IranJumpsoilPriceStrikes
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