Global oil prices surged on Monday, June 23, 2025, as the markets reeled from the United States’ airstrikes on Iran’s key nuclear sites.
It was gathered that oil prices shot up due to escalating tensions in the Middle East and fears of supply disruptions with Iran racing to block the strait of Hormuz, a critical route for oil cargoes and global supply chain.
According to reports, Brent crude soared by 2.6% to $79 per barrel, while U.S. West Texas Intermediate (WTI) climbed 2.6% to $75.76, marking a five-month high.
Pan-Atlantic Kompass reports that this is coming after the U.S. joined the Middle East nuclear war, striking Iran’s facilities in Fordow, Natanz, and Isfahan.
The U.S. intervention, announced by President Donald Trump as a “spectacular military success,” escalated the ongoing Iran-Israel conflict, which ignited on June 13 with Israeli strikes on Iranian targets.
Also, Iran is OPEC’s third-largest crude producer and pumps about 3.3 million barrels per day, making it a critical player in global energy markets.
There are also fears that oil prices could surge further intensified as Iranian lawmakers voted to support closing the Strait of Hormuz, a vital chokepoint through which a fifth of the world’s crude oil flows.
About 20 per cent of the world’s oil, estimated at 17 to 18 million barrels per day, passes through the Strait of Hormuz.
A senior Iranian lawmaker who spoke with the press on Sunday revealed that the parliament (Majlis) had agreed to close the key artery for world energy trade as a response to the U.S. aggression against their country.
The lawmaker said legislators had reached a consensus on the closure of the strait, though Iran’s Supreme National Security Council has the final decision.
