Oil prices expected to rise after we attack on Iran’s nuclear sites
Liz Claman of Fox Business Host defeats the impact on oil markets and consumers amid escalating tensions in the Middle East and bombing Iran’s nuclear facilities.
The global oil market is the main focus point after the US attacked three key Iranian nuclear sites on Saturday night.
Oil prices are expected to rise after what President Donald Trump He said it was a “magnificent military success,” and Iran’s nuclear enrichment facility was “decapitated.” Trump also said that if the country does not agree to peace, US troops can chase other targets in Iran.
Saul Kavonick, a senior energy analyst at MST Marquee, Sydney stock research firm, told Reuters that Iran is likely to respond by targeting Middle Eastern American interests, including Gulf oil infrastructure such as Iraq and the Hormuz aisles.
The Strait of Hormuz is between Oman and Iran and is the main export route for oil producers such as Saudi Arabia, the United Arab Emirates, Iraq and Kuwait. This is considered to be one of the most important oil choke points in the world. Energy Information Management (EIA).
CEO Exxonmobil talks about oil supply amidst Iran-Israel conflict
Workers will adjust the meter at a fuel station in Kolkata, India on June 15th, 2025. (Sudipta Das/Nurphoto/Getty Images)
“It depends heavily on how Iran responds in the coming hours and days, but this could set the path to $100 in oil if Iran responds as he has threatened previously,” Kavonick said.
Just a few days ago Industry experts said the intensifying conflict between Israel and Iran threatens key shipping routes and if global oil supply is significantly cut, prices could skyrocket to $120 per barrel.
Oil, gold jumps and stocks sink as Israel stolen Iran
Fuel Station staff will insert nozzles into a car in Kolkata, India on June 15th, 2025. (Sudipta Das/Nurphoto/Getty Images)
On Friday, the sanctions were “issued against Iran-backed Ansalala, commonly known as Houthis, and targeted four individuals, 12 entities and two vessels that imported other illegal goods to support terrorist groups,” the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) said in a pressure release.
“Houthis relies on a set of front companies and trusted facilitators to secretly generate revenue, procurement of weapons components and work with the Iranian regime to promote terrifying governance,” said Deputy Director of the Treasury Department.
Aerial views will show an oil storage tank at the Enterprise Sealy Station in Sealy, Texas on June 19, 2025. (Brandon Bell/Getty Images)
For more information about Fox Business, click here
“The most important action today for the group so far is our commitment to disrupt the Houches financial pipeline that allows for reckless action in the Red Sea and surrounding areas.”
Danielle Genovese and Reuters of Fox Business contributed to this report.