Oil Markets Whipsaw: Brent, US Crude Plunge $4 After Hitting 5-Month Highs Amid Iran-US Tensions

Oil prices saw wild swings on June 23, with Brent and US crude futures surging to their highest levels since January before plunging over $4 in volatile late-session trading. The turmoil followed US and Israeli strikes on Iranian nuclear sites and Iran’s retaliatory threats targeting regional US military bases.

 

Key Highlights:

Outlook:

With geopolitical risks still high but supply intact, oil prices are expected to stay volatile. Any hint of disruption in the Strait of Hormuz could trigger another price spike, keeping traders and global markets on edge.

 

Sources: Reuters, Bloomberg, Trading Economics