Global Oil Prices Rise Again After US Strikes Iran

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Adi Ahdiat 23/06/2025 11:30 WIB

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World oil prices rose on June 22, 2025, a day after the US announced an attack on Iran. However, prices remain lower than a year ago.

Brent and WTI Crude Oil Prices (June 24, 2024 - June 22, 2025)

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Brent and WTI Crude Oil Prices (June 24, 2024 - June 22, 2025)

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United States President Donald Trump announced that his forces had attacked Iran on June 21, 2025.

"We have completed our very successful attack on the three Nuclear sites in Iran, including Fordow, Natanz, and Esfahan," Trump said on his social media account, Truth Social.

"A full payload of BOMBS was dropped on the primary site, Fordow. All planes are safely on their way home. Congratulations to our great American Warriors. There is not another military in the World that could have done this. NOW IS THE TIME FOR PEACE!" he said.

Following the announcement, on June 22, 2025, the price of Brent crude oil reached US$77.10, up 2% from the previous trading day.

Then, the price of West Texas Intermediate (WTI) crude oil rose 1% to US$75.78 per barrel.

Compared to the previous month (month-to-month/mtm), on June 22, 2025, the price of Brent had risen 20% (mtm) and the price of WTI surged 23% (mtm).

However, these figures are still lower than a year ago, when world oil prices exceeded US$80 per barrel in June 2024, as shown in the graph.

According to the International Energy Agency (IEA), before the conflict, the world's oil supply was considered secure because production capacity exceeded demand for several years to come.

The IEA estimated that global oil demand would reach a maximum level of 105 million barrels per day in 2030, with predicted global oil production capacity 114 million barrels per day.

But, the current situation is filled with uncertainty due to the Israel-Iran war that erupted on June 13, 2025, which now also involves the US.

"Amid rising geopolitical strains, oil markets face new uncertainties as the drivers of supply and demand growth shift," the IEA said in a press release on June 17, 2025.

"Oil markets look set to be well-supplied in the years ahead, but recent events sharply highlight the significant geopolitical risks to oil supply security," they said.

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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Global Oil Prices Rise Again After US Strikes Iran

Global Oil Prices Rise Again After US Strikes Iran

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