Oil Explodes Towards $80, World Warns If Iran Closes Strait of Hormuz
World crude oil prices surged on Monday morning (6/23) after the United States launched airstrikes on three key Iranian nuclear facilities over the weekend. The attack was announced directly by US President Donald Trump, who claimed that the targets had been “eliminated.” The surge in Brent oil prices briefly broke through $80 per barrel for the first time since January 2025, reflecting market concerns about potential disruptions to oil supplies from the Middle East region.
Oil market observers warn that although the Strait of Hormuz a vital route for global oil exports—is currently still operational, escalating tensions could pose major risks. Iran has previously threatened to close the strait in response to a US attack, which could trigger a sharp spike in oil prices. “The situation is not yet stable, and if the Strait of Hormuz is indeed disrupted, the impact could be felt directly on global supply and energy inflation,” said one energy analyst in Singapore.
Although oil prices have retreated from their peaks after news that tanker traffic in Hormuz was still flowing smoothly, the market remains wary. What Iran does next is key to the direction of oil prices in the near term. If the conflict escalates or a military response occurs, global energy markets are likely to be volatile again. (ayu)
Source: Newsmaker
