June 24, 2025--Written by Daniel Graeber for Industrial Info Resources (Sugar Land, Texas)--Crude oil prices spiked on Monday after Iran's parliament voted to close the Strait of Hormuz in response to the U.S. missile strike on its nuclear facilities. The price for Brent crude oil, the global benchmark, had threatened to dip into the $50 range early this year amid concerns that protectionist U.S. trade policies would undermine growth. But a pre-emptive strike on Iran from the Israeli military on June 13 brought in a risk premium for the oil benchmark.
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