Oil market gets fresh injection of uncertainty after US strikes Iran
23 June 2025
Time to read: minutes
“It’s not just crude oil that faces risk. The Strait of Hormuz is also a major chokepoint for LNG and refined products including diesel and jet fuel. Some fuel markets may see the biggest price responses to the latest development”, said June Goh, senior oil market analyst with Sparta.
Bloomberg, June 23, 2025 – U.S. strikes on Iran’s nuclear sites sent Brent crude above $80 a barrel. While the Strait of Hormuz remains open, analysts caution that disruptions are possible, with Kpler’s Muyu Xu warning oil could spike to $120 if the strait is blocked. Sparta’s June Goh highlighted risks to refined products like diesel and jet fuel, with supply chains exposed to Middle East tensions.
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