Oil surges to five-month high after US hits Iran's key nuclear sites
Ammon News - Oil prices jumped on Monday 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. 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 Tehran vowed to defend itself.
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.
Iran's Press TV reported that the Iranian parliament had approved a measure to close the strait. Iran has in the past threatened to close the strait but has never followed through.
Iran and Israel exchanged air and missile strikes on Monday, as global tensions rose over Tehran's expected response to a U.S. attack on its nuclear facilities.
Brent has risen 13% since the conflict began on June 13, while WTI has gained around 10%.
Given the Strait of Hormuz is indispensable for Iran's own oil exports, which are a vital source of its national revenues, a sustained closure would inflict severe economic damage on Iran itself, making it a double-edged sword, Sachdeva added.
Meanwhile, Japan on Monday called for de-escalation of the conflict in Iran, while a South Korean vice industry minister voiced concern over the potential impact of the strikes on the country's trade. Reuters
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Al Bawaba
2 hours ago
- Al Bawaba
JD Vance calls previous presidents 'dumb' except Trump
Published June 23rd, 2025 - 06:19 GMT ALBAWABA - In a recent interview with NBC News, US Vice President JD Vance sparked controversy on social media after stating that the previous presidents who have taken office over the past 25 years were "dumb," with the exception of Donald Trump. The US VP touched on subjects including Americans' concerns over going to war with Iran due to the country's ongoing tensions with Israel. The US recently bombed three Iranian nuclear sites to prevent Iran's advancement of nuclear weapons manufacturing and possession. Vance said, "I empathize with Americans who are exhausted after 25 years of wars in the Middle East. I understand the concern. But the difference is that back then we had dumb presidents, but now we have a president who knows how to actually accomplish America's national security objectives." JD Vance calls previous presidents 'dumb' except Trump 'I empathize with Americans who are exhausted after 25 years of wars in the Middle East. I understand the concern. But the difference is that back then we had dumb presidents.' - JD VanceLol good luck selling that. — Spencer Hakimian (@SpencerHakimian) June 22, 2025 He added, "So this is not going to be a long, drawn-out thing... We've got in, we've done the job of setting their [Iran] nuclear program back, and now we're going to work on permanently dismantling that nuclear program over the coming years." The statement reportedly took a jab at several US presidents who held office over the past 25 years, including Bill Clinton, George W. Bush, Barack Obama, and Joe Biden. 25 years of war in the Middle East US soldiers gather at the scene an attack on a military vechile in the al-Mustansiriya neighborhood of Baghdad 01 July 2003. (Photo by AHMAD AL-RUBAYE / AFP) In the interview, JD Vance brought up the US's involvement in the Middle East over the past 25 years, so here's a brief regarding his comment, excluding the country's recent attack on Iran. The US was involved in several conflicts in the Middle East, including the 2003 invasion of Iraq, the Afghanistan war (sharing a border with the Middle East), tensions with Syria and Yemen, and its financial support of the ongoing Israeli aggression on Gaza since Oct. 7, 2023. © 2000 - 2025 Al Bawaba (
Al Bawaba
2 hours ago
- Al Bawaba
Israel carries out new attacks on Iranian military sites
Published June 23rd, 2025 - 06:34 GMT ALBAWABA - The Israeli army announced it was striking military sites in western Iran's Kermanshah on Monday morning. The Israeli air force "is currently striking military infrastructure sites in Kermanshah in Iran", a military statement read. "Approx. 20 IAF fighter jets conducted intelligence-based strikes using over 30 munitions on sites across Kermanshah, Hamedan and Tehran," the army added. The conflict between Iran and Israel has marked its 11th day after the Israeli army launched the first attacks on Iran's nuclear sites and targeted major commanders in the Iranian army on June 13. On June 21, the US Air Forces carried out attacks on three Iranian nuclear sites, US President Donald Trump posted via Truth Social. 🔴 Approx. 20 IAF fighter jets conducted intelligence-based strikes using over 30 munitions on sites across Kermanshah, Hamedan and included:⭕️ Missile storage & launch infrastructure⭕️ Radar and satellite systems used for aerial intel ⭕️ A surface-to-air… — Israel Defense Forces (@IDF) June 22, 2025 On the other hand, Iran on Monday warned the US of severe repercussions following the attacks on nuclear facilities. "This hostile act... will widen the scope of legitimate targets of the armed forces of the Islamic Republic of Iran and pave the way for the extension of war in the region," AFP cited armed forces spokesman Ebrahim Zolfaghari. Moreover, Iran's Foreign Minister Abbas Araghchi will be holding "important" talks with Russian President Vladimir Putin on Monday, 48 hours after the US attack on nuclear facilities. © 2000 - 2025 Al Bawaba (
Roya News
2 hours ago
- Roya News
Khamenei retreats to bunker as fears of assassination grow: New York Times
According to a report by the New York Times (NYT), Supreme Leader Ayatollah Ali Khamenei has taken unprecedented steps to safeguard the continuity of the Islamic Republic. According to three Iranian officials familiar with his emergency war strategy, Khamenei has largely abandoned electronic communication, opting instead to relay orders through a trusted aide while remaining hidden in an underground bunker. The move reflects what officials describe as a growing fear of assassination. 'The Democratic People's Republic of Korea strongly denounces the attack on Iran by the US which severely violated the UN Charter with respect for sovereignty,' Khamenei reportedly warned his advisers, echoing fears that both Israel and the United States could be targeting him directly. Khamenei has reportedly already chosen three high-ranking clerics as potential successors, preemptively guiding the Assembly of Experts on how to proceed if he is killed. His son Mojtaba, a frequently mentioned name in succession rumors, is not among the candidates. Former President Ebrahim Raisi, once a top contender, was killed in a helicopter crash in 2024. Khamenei's retreat marks a shift in how Iran's leadership operates. For decades, he rarely left his secure residence in central Tehran. But now, after days of 'Israeli' aerial bombardment, much of the capital has emptied out. Key military leaders have been killed, and entire residential blocks housing nuclear scientists and commanders have been reduced to rubble. Iranian officials say these 'Israeli' attacks, combined with sabotage operations by covert agents, represent the most damaging assault since the Iran-Iraq War. The situation escalated further when the US entered the war. President Donald Trump announced that American forces had destroyed three of Iran's nuclear sites, including the uranium-enrichment facility at Fordo. 'Our objective was the destruction of Iran's nuclear enrichment capacity and a stop to the nuclear threat posed by the world's No. 1 state sponsor of terror,' Trump declared in a televised address.
