Oil hits five-month high after US strikes key Iranian nuclear sites [View all]
Source: USA Today/Reuters
Updated June 22, 2025, 8:54 p.m. ET
SINGAPORE - Oil prices jumped on Monday, local time, to their highest since January as Washington's weekend move to join Israel in attacking Iran's nuclear facilities stoked supply worries.
Brent crude futures rose $1.88 or 2.44% at $78.89 a barrel as of 1122 GMT. U.S. West Texas Intermediate crude advanced $1.87 or 2.53% at $75.71.
Both contracts jumped by more than 3% earlier in the session to $81.40 and $78.40, respectively, five-month highs, before giving up some gains.
The rise in prices came after 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.
Read more: https://www.usatoday.com/story/money/markets/2025/06/22/oil-prices-after-us-hits-iranian-nuclear-sites/84311507007/
The U.S. is still the largest crude producer in the world (thanks to fracking), but traders/speculators look to "supply and demand" to trigger rises and falls in crude prices (that trickle down to the pricing for refined fuel as gasoline, etc).
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