23.06.2025 22:47

Global oil prices experienced a significant downturn on Monday, plummeting more than 8%, following Iran's relatively muted response to recent US attacks on its nuclear facilities. The lack of substantial damage or casualties from the Iranian counter-attack significantly eased concerns within the global crude market, preventing a much-feared escalation.

Iran's earlier threats to close the Strait of Hormuz, a vital waterway for oil and gas transport from the Persian Gulf, proved unfounded. Current satellite imagery, as of Monday, indicates unimpeded movement of energy shipments through this crucial shipping lane, further contributing to the price drop.

Benchmark Brent crude oil futures contracts fell sharply, closing 8.28% lower at $69.23 per barrel, representing a $6.25 decrease. Simultaneously, West Texas Intermediate (WTI), the primary US benchmark, also experienced a steep decline, trading at $67.24 per barrel, down 8.84% or $6.60. These dramatic price shifts occurred after Iran launched fourteen missiles at the Al-Udeid US Air Force base in Qatar.

Despite targeting a key US military installation, housing approximately 8,000 US troops and personnel from the UK, the attack resulted in no reported casualties or significant damage, thanks to effective interception by Qatari air defenses. This measured response echoed Iran's actions in 2020, following the US assassination of Qassem Soleimani. The predictable nature of the Iranian retaliation, confirmed by US House Speaker Mike Johnson's statement following a classified briefing, further contributed to the market's calm reaction. Information from internet sources indicates the anticipated nature of the Iranian response and its impact on the oil market.