Oil Prices Rise Following U.S. Strikes on Iran’s Nuclear Facilities

Oil prices started to climb after U.S. attacks on Iran’s nuclear sites. During trading, the price of Brent crude with delivery exceeded $81 per barrel for the first time since January 17. This was reported by RIA Novosti, citing Bloomberg.

"Oil surged after the U.S. launched strikes on three main Iranian nuclear facilities and threatened further attacks, exacerbating the Middle East crisis and raising concerns that energy supplies from the region could be disrupted. The price of Brent crude rose by 5.7% to $81.4 per barrel," Bloomberg reported.

Former U.S. President Donald Trump announced the destruction of Iran’s nuclear sites.

Experts warn that if Tehran responds by closing the Strait of Hormuz even for a day, oil prices could sharply jump to $120 or even $150 per barrel.

On the night of June 22, the U.S. conducted strikes on three Iranian nuclear sites in Natanz, Fordow, and Isfahan. Washington stated that the attack aimed to destroy or severely weaken Iran’s nuclear program.

In response, Iran’s parliament has concluded that the Strait of Hormuz must be closed. The final decision awaits approval from the country’s National Security Council.

The Strait of Hormuz is a vital route for global oil and liquefied natural gas supplies from the Persian Gulf and Iran itself, accounting for approximately 20% of worldwide oil, petroleum products, and LNG exports.