Oil plunges over 4% as market shrugs off Iran's missile strike on U.S. base in Qatar
By Aditya Bhagchandani Published on June 23, 2025, 23:03 IST
Oil prices tumbled more than 4% on Monday despite Iran launching six missiles at the U.S.-operated Al-Udeid Air Base in Qatar, as investors bet against long-term supply disruptions in the region.
U.S. crude fell $3.18, or 4.31%, to $70.66 per barrel, while global benchmark Brent dropped $3.35, or 4.35%, to $73.66. Both contracts had spiked overnight after the U.S. struck Iranian nuclear sites over the weekend, with Brent briefly rising above $81 per barrel.
Iran's missile attack, reportedly in retaliation for the U.S. strikes, targeted Al-Udeid — the largest American military base in the Middle East. While Iran's parliament signaled support for closing the Strait of Hormuz — a vital oil transit route — analysts noted that the final decision rests with the country's national security council.
'The market is pricing in a scenario where things de-escalate gradually,' said Jorge Leon, geopolitical head at Rystad Energy. However, he warned that a sudden shift could still pose serious risks, especially if Iran attempts to shut the Strait, through which nearly 20% of global crude passes.
Despite the heightened tension, markets remained focused on signals of supply stability and increased production, brushing off immediate fears of disruption.
This is a developing situation.
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Aditya Bhagchandani serves as the Senior Editor and Writer at Business Upturn, where he leads coverage across the Business, Finance, Corporate, and Stock Market segments. With a keen eye for detail and a commitment to journalistic integrity, he not only contributes insightful articles but also oversees editorial direction for the reporting team.
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