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Oil surges to five-month high after US hits Iran’s key nuclear sites

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Published23 JUN 25 - 06:39 Reading time  minutes

“The risks of damage to oil infrastructure … have multiplied,” said Sparta Commodities senior analyst June Goh.

Reuters, June 23, 2025 – Oil prices surged to five-month highs after the U.S. joined Israel in striking Iran’s nuclear facilities, raising concerns over supply disruptions. Brent crude jumped 1.97% to $78.53, while WTI rose 2.04% to $75.35. June Goh from Sparta Commodities warned of increased risks to oil infrastructure, with potential disruptions to exports if the Strait of Hormuz is closed. Goldman Sachs predicted Brent could briefly reach $110 per barrel if the strait’s oil flow were halved for a month.

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