WTI Oil Price Surges Near $74.80 as US Strikes on Iran Raise Middle East Supply Fears

WTI Oil Price Climbs Toward $74.80 on Geopolitical Supply Risks

The price of West Texas Intermediate (WTI) crude oil climbed to $74.80 during the early Asian trading session on Monday, June 24, amid escalating tensions in the Middle East. The US launched direct airstrikes on three Iranian nuclear sites—Isfahan, Natanz, and Fordo—over the weekend, sharply raising investor fears of potential energy supply disruptions.

US-Iran Conflict Escalates, Oil Reacts

Following the strikes, Iranian lawmakers passed a bill signaling the closure of the Strait of Hormuz, a key maritime route for nearly 20% of the world’s oil. The market reacted swiftly to the potential chokehold on global crude supply.

“Oil markets are reacting to what could be the biggest Middle East energy disruption since the Gulf War,” noted analysts tracking geopolitical impact on commodities.

Demand-Side Pressure May Limit Gains

While supply fears are currently the main price driver, concerns about a global economic slowdown and softening oil demand could cap the rally in WTI. Additionally, markets await the US S&P Global PMI data for June to better gauge macroeconomic sentiment.

Internal Linking Suggestions (for Tredu.com):

• Live WTI Oil Price Chart
• Why Strait of Hormuz Matters for Oil Supply
• Global Crude Oil Outlook
• Iran Conflict Timeline – Market Impact