Singapore June 18 2025: Oil prices rose in Asian trade on Wednesday, extending a 4% gain from the previous session on worries that the Iran-Israel conflict could disrupt supplies.
Brent crude futures rose 26 cents, or 0.3%, to $76.71 a barrel by 0440 GMT. U.S. West Texas Intermediate crude futures rose 35 cents, or 0.5%, to $75.19 per barrel.
U.S. President Donald Trump on Tuesday called for Iran’s “unconditional surrender” as the Iran-Israel air war entered a sixth day.
Analysts said the market was largely worried about supply disruptions in the Strait of Hormuz, which carries a fifth of the world’s seaborne oil.
Iran is OPEC’s third-largest producer extracting about 3.3 million barrels per day (bpd) of crude oil, but spare capacity among producers in the Organization of the Petroleum Exporting Countries and their allies can readily cover this.
“Material disruption to Iran’s production or export infrastructure would add more upward pressure to prices. However, even in the unlikely event that all Iranian exports are lost, they could be replaced by spare capacity from OPEC+ producers … around 5.7 million barrels a day,” said Fitch analysts in a client note.
