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Oil Prices Dip After Surging on Heightened US-Iran Tensions
- Brent crude oil prices dropped 56 cents to $69.22 per barrel on June 12, 2025, after surging more than 4% earlier in the week amid Middle East tensions.
- The price movements followed Iran's defense minister warning the U.S. of strikes on regional bases if talks fail and the UN declaring Iran in breach of nuclear obligations.
- U.S. and Iraqi officials started partial embassy evacuations while Britain’s maritime agency warned of potential military escalation affecting critical shipping routes like the Strait of Hormuz.
- JP Morgan maintains its baseline forecast for Brent crude to remain around the $60 range in 2025 despite ongoing geopolitical strains, while highlighting that prices could surge past $120 if the Strait of Hormuz—responsible for roughly 30% of seaborne oil shipments—is blocked.
- The recent retreat in oil prices highlights market volatility caused by geopolitical risks and trade concerns, with investors cautious ahead of planned U.S.-Iran talks scheduled for Sunday.
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JP Morgan: Oil Could Hit $130—But We’re Still Calling $60
JP Morgan is sticking to its base-case oil price forecast for 2025, projecting Brent crude will trade in the low-to-mid $60s, despite a sharp escalation in geopolitical tensions involving Iran, the U.S., and potentially Israel.
·London, United Kingdom
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Coverage Details
Total News Sources22
Leaning Left1Leaning Right3Center4Last UpdatedBias Distribution50% Center
Bias Distribution
- 50% of the sources are Center
50% Center
13%
C 50%
R 38%
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