Oil prices drop over 7% despite Iran's missile strikes on U.S. bases in Qatar.

From Yahoo Finance: 2025-06-23 14:47:00

The conflict between the U.S. and Iran escalates as Iran’s parliament supports shutting down the critical Strait of Hormuz following U.S. attacks on Iranian uranium enrichment facilities and military bases. Oil prices drop over 7% despite Iran’s missile strikes on U.S. military bases in Qatar, with WTI crude falling below $70 per barrel.

Brent crude prices rise to around $79 per barrel during the conflict, only $9 higher than before it began. Despite escalating tensions and President Trump’s warning, prices fall to $75 by the end of the week. The conflict’s impact on oil and gas markets remains limited compared to previous geopolitical events.

The Strait of Hormuz, a vital oil transit chokepoint between Oman and Iran, sees an average daily flow of 21 million barrels, accounting for 21% of global petroleum consumption. The market could shift significantly if transit routes face sustained threats, rather than temporary disruptions. Increased shipping expenses impact oil prices during the conflict.

Iran launches missiles at U.S. military bases in Qatar, prompting closures of airspace in Qatar and the UAE. Despite the attacks, oil prices drop over 7%, with WTI crude falling below $70 per barrel. The conflict, which began on June 13, 2025, shows no sign of immediate resolution as tensions continue to rise.



Read more at Yahoo Finance: Oil Prices Crash After Iran Strikes U.S. Bases