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U.S. Airstrikes on Iranian Nuclear Sites Send Oil Prices Soaring

A parliamentary vote to close the Strait of Hormuz has heightened concerns over a major supply shock

Oil tankers pass through the Strait of Hormuz, December 21, 2018. REUTERS/Hamad I Mohammed/File Photo
A map showing the Strait of Hormuz and Iran is seen in this illustration taken June 22, 2025. REUTERS/Dado Ruvic/Illustration
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Overview

  • On June 22, President Trump ordered U.S. jets to bomb Iran’s Fordow, Natanz and Isfahan nuclear sites, marking America’s first direct strikes in the Iran–Israel conflict.
  • Iran’s parliament backed a motion to close the Strait of Hormuz, but final approval rests with Supreme Leader Ayatollah Ali Khamenei and the national security council.
  • Brent crude gained as much as 5.7% to $81.40 a barrel in response to the strikes, its largest one-day jump since January, as traders priced in threats to Middle Eastern oil flows.
  • U.S. officials, including Senator Marco Rubio, warned that sealing the strait would inflict economic damage on Iran and imperil global energy stability.
  • Gulf states and OPEC+ have urged diplomatic dialogue to avert further escalation as investors await Tehran’s decision on retaliation.