Oil prices continue to rise over escalating Israel-Iran conflict
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18 Jun, 2025 00:21 Russia Today
Oil prices continue to rise over escalating Israel-Iran conflict
Global oil prices jumped by almost 5% amid the continued military escalation between Israel and Iran, and US President Donald Trump’s demand for an unconditional and immediate surrender from Tehran.
Brent crude oil prices increased by 4.4% to reach $76.45 per barrel on Tuesday, and by over 10% since Israel launched its first missiles against Iran last week.
According to ABC, the latest spike was sparked by a series of posts made by Trump on Truth Social, in which he called Iranian Supreme Leader Ayatollah Ali Khamenei an “easy target” and claimed that the US and its allies are in “complete and total control” over Iranian airspace.
“The market is largely worried about disruption through [the Strait of] Hormuz,” Saxo Bank analyst Ole Hansen said, while personally assessing the risk as very low.
The Strait of Hormuz is a critical maritime passage through which around 20% of the world’s oil supply flows. The north coast of the strait is Iranian territory. On Saturday, Iranian MP and Islamic Revolutionary Guard Corps commander Esmail Kousari stated that Tehran is seriously considering closing the strait to shipping. Iraqi Foreign Minister Fuad Hussein warned that oil prices could surge to $200 to $300 per barrel if “military operations were to break out” in the area.
Two oil tankers collided in the strait on Tuesday, catching fire but causing no injuries or spillage. The United Arab Emirates Coast Guard said it had evacuated 24 people from one of the ships, the Adalynn. The crew of the second tanker, the Front Eagle, reported that a fire on its deck was extinguished.
British maritime security monitor Ambrey deemed the collision an accident unrelated to regional tensions. However, Reuters mentioned “increased electronic interference” caused by the conflict between Israel and Iran in connection with the incident.
Israel launched a series of airstrikes against Iran on Friday, saying it is seeking to prevent Tehran from acquiring nuclear weapons. Tehran responded with a missile barrage of its own, and the two nations have been exchanging strikes ever since.
15 Jun, 2025 12:26 Russia Today
Iraq warns of $300 per barrel oil
Escalating tensions in the Middle East and a potential closure of the Strait of Hormuz could drive oil prices up to $300 per barrel, Iraqi Foreign Minister Fuad Hussein warned during a phone conversation with German Foreign Minister Johann Wadephul.
On Friday morning, Israeli jets bombed military and nuclear sites across Iran, kicking off an ongoing exchange of hostilities between the two countries.
According to Hussein, oil prices could surge to between $200 and $300 per barrel “if military operations were to break out, which would significantly increase inflation rates in European countries and complicate oil exports for producing states such as Iraq.”
The closure of the Strait of Hormuz, a key transport route, could “result in the loss of approximately five million barrels per day from Gulf and Iraqi oil supplies in the global market,” the Iraqi foreign minister was quoted as saying.
The Strait of Hormuz is a critical maritime passage through which about 20% of the world’s oil supply flows. On Saturday, Iranian MP and Islamic Revolutionary Guard Corps commander Esmail Kousari stated that Tehran is seriously considering closing the strait to shipping.
Analysts have highlighted the potential impact of such a closure on global oil prices. JPMorgan analysts estimate that in a severe scenario, oil could surge to $130 per barrel. Other experts suggest that a complete blockade could push prices even higher, with some forecasts reaching $300 per barrel.
Brent crude prices rose 7% on Friday to $74.23 per barrel in response to the first attacks. While Israel has not targeted Iran’s main oil export facilities, analysts warn that future strikes could severely impact oil supplies. Conversely, the Islamic Republic could retaliate by disrupting oil shipments through the Strait of Hormuz.
Meanwhile, in Russia, the head of the Federation Council’s information policy commission, Aleksey Pushkov, has said that the conflict between Israel and Iran could lead to a significant increase in oil prices due to Tehran’s possible blocking of the Persian Gulf.
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