Oil prices spike in trading after US strikes on Iran
Aruna Shantha
23-Jun-2025 07:49:48
Oil prices have surged in early trade today amid concerns of disruption to energy markets after US air strikes on Iran’s nuclear sites.
As trading opened, Brent and the main US crude contract WTI both jumped more than four percent to hit their highest price since January, according to AFP news agency. They pared these gains, however and at around 00:30 GMT Brent was up 2.2 percent at $79.20 per barrel and WTI was 2.1 percent higher at $75.98.
Economists at MUFG told AFP that the “high uncertainty of the outcomes and duration of this war” could pave the way for a possible oil price increase of $10 per barrel. Aljazeera reported.
Iran is the world’s ninth-biggest oil-producing country, with output of about 3.3 million barrels per day. It exports just under half of that amount and keeps the rest for domestic consumption.
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