Fox Business Liz Claman hosts the impact on oil markets and consumers in the midst of increasing tensions in the Middle East and the American bombing of Iranian nuclear installations.
The global oil market is a major objective after the United States has attacked three keys to Iranian nuclear sites over the weekend.
Oil prices should increase after which President Donald Trump Called “a spectacular military success” in which he said, Iran’s nuclear enrichment facilities had been “erased”. Trump also said that the US military could go after other targets in Iran if the country did not accept peace.
Saul Kavonic, principal energy analyst in the actions research firm, MST marked in Sydney, told Reuters that the most likely scenario would see Iran react by targeting American interests in the Middle East, in particular the oil infrastructure of the Gulf in places such as Iraq or the harassment of ships through ships HORMUZ.
The Hormuz Strait is between Oman and Iran and is the main export path for oil producers such as Saudi Arabia, the United Arab Emirates, Iraq and Kuwait. It is considered one of the most important oil points in the world, according to the Energy information administration (EIA).
Exxonmobil CEO talks about oil supply in the middle of the Iranian-Israeli conflict
A worker adjusts the counter to a service station in Kolkata, India, June 15, 2025. (Sudipta Das / Nurphoto / Getty Images)
“Much depends on how Iran reacts in the next hours and days, but that could put us on a path to $ 100 in oil if Iran reacts[s] As they have already threatened, said Kavonic.
Barely a few days ago, Industry experts said that if the climbing of the conflict between Israel and Iran threatened a critical shipping route and considerably reduces world oil supplies, prices could reach up to $ 120 per barrel.
Oil, gold jump, stocks flow as Israel strikes Iran
A member of the staff of the fuel station inserts a nozzle into a car in Kolkata, India, June 15, 2025. (Sudipta Das / Nurphoto / Getty Images)
On Friday, sanctions were issued “against Ansarallah supported by Iran, commonly known as Houthis, targeting four individuals, 12 entities and two ships that imported oil and other illicit products in support of the terrorist group,” said the US Department of the Treasury Bureau for Foreign Active Control (OFAC) in a press release.
“The Houthis rely on a series of companies before and trust facilitators to generate clandestine income, provide arms components and advance their reign of terror in partnership with the Iranian regime,” said assistant secretary of Treasury Michael Faulkender in a statement.
In an aerial view, oil storage tanks are seen at the Sealy corporate station on June 19, 2025 in Sealy, Texas. (Brandon Bell / Getty Images)
Click here to find out more about Fox Business
“Today’s action – the most important to date against the group – obliges our commitment to disturb the financial pipelines and the shipment of the Houthis which allow their imprudent behavior in the Red Sea and the surrounding region.”
Danielle Genovese and Reuters of Fox Business contributed to this report.
