Oil prices continued falling on Tuesday, after the United States carried out operation “Midnight Hammer,” striking three nuclear facilities in Iran.
Brent crude futures decreased from $80.29 per barrel at 6 p.m. on Sunday, June 22, to $67.81 per barrel at 3:54 p.m. Eastern Time (US & Canada), according to Bloomberg Terminal. The price has decreased by 15.5% over the last three days.
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US West Texas Intermediate (WTI) crude futures were down from $78 per barrel at 6 p.m. on Sunday, June 22, to $65 per barrel at 3:54 p.m. Eastern Time (US & Canada), according to Bloomberg Terminal. The price decreased by 17% during this timeframe.
Although some investors speculated that the price of oil would spike with the possibility of Iran closing the Strait of Hormuz, the opposite happened, at least in the short term.
Around 20% of global oil flows through the strait – nearly 19 million barrels per day. Oil flows through the Suez Canal and Bab-el-Mandeb strait are also in jeopardy.
Russia’s war efforts would have benefited had there been an oil price spike, as the country uses its oil revenues to finance the National Wealth Fund (NWF) – the key resource for financing the Kremlin’s full-scale invasion of neighboring Ukraine.
On June 22, US forces targeted three key Iranian nuclear facilities in Fordo, Natanz, and Isfahan. US President Donald Trump, sometimes known to embellish, declared that all three sites had been “completely destroyed,” though the extent of the damage has yet to be confirmed by his government – the Pentagon said its assessments were ongoing.
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