African News Business and Economy Politics

Oil Prices Surge After U.S. Strikes Iran

By Ajuma N / June 23, 2025

Global oil prices spiked to a five-month high after a U.S. military strike on Iranian nuclear sites, heightening fears of conflict in the Middle East. Brent crude surpassed $81 per barrel, while West Texas Intermediate (WTI) rose above $78, as markets reacted to potential threats to oil supply routes, especially the Strait of Hormuz. The strike, reportedly coordinated with Israel, has fueled concerns of Iranian retaliation. Analysts caution that ongoing tension or threats to key oil transit paths could push prices even higher. The situation has added fresh uncertainty to already volatile global energy markets.

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