From Yahoo Finance: 2025-06-16 12:08:00

The escalating crisis between Israel and Iran has caused the largest single-day oil price surge in three years, with Brent crude reaching $78 a barrel. Analysts predict prices could rise to $120 a barrel if tensions escalate further. However, the market remains focused on the Strait of Hormuz, a key chokepoint for global oil supplies. Despite ongoing conflict, oil transportation through the strait remains unaffected. The UK could see an increase in petrol and gas prices due to the crisis, but wholesale costs are still below previous highs. North Sea oil production is unlikely to impact global oil prices significantly.



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