Oil Climbs as Iran-Israel Conflict Spurs Uncertainty

PUKMEDIA

Oil field.

Oil prices rose on Tuesday, 17 June 2025, amid growing concerns that the conflict between Iran and Israel may escalate, increasing the risk of further instability and potential disruption to oil supplies from the crucial Middle East producing region.

Reuters reported that Brent crude futures rose 34 cents, or 0.5%, to $73.57 a barrel as of 0340 GMT. U.S. West Texas Intermediate crude was up 29 cents, or 0.4%, at $72.06. Both contracts rose more than 2% earlier in the trading session.

Oil prices settled more than 1% lower on Monday on hopes that the conflict would ease after media reports Iran was seeking an end to hostilities.

However, concerns intensified after US President Donald Trump urged via social media that "everyone" evacuate Tehran, the Iranian capital.

As the conflict entered its fifth day, Iranian media reported explosions and heavy air defence activity in Tehran. Meanwhile, air raid sirens sounded in Tel Aviv in response to Iranian missile launches.

The ongoing tensions continue to inject uncertainty into energy markets, with investors closely monitoring developments for any signs of further escalation or supply disruption.



PUKMEDIA