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Oil Updates – crude surges to 5-month high after US hits Iran’s key nuclear sites

Oil Updates – crude surges to 5-month high after US hits Iran’s key nuclear sites
Both contracts rose by more than 3 percent earlier in the session to $81.40 and $78.40, respectively, before giving up some gains. Shutterstock
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Updated 23 June 2025

Oil Updates – crude surges to 5-month high after US hits Iran’s key nuclear sites

Oil Updates – crude surges to 5-month high after US hits Iran’s key nuclear sites
  • Brent and WTI up 1% in volatile trade
  • Prices touch five-month high before turning negative and then recovering
  • No oil supply disruption yet from US attack on Iran
  • All eyes on Strait of Hormuz oil supply route

LONDON: Oil prices touched a five-month high before paring gains on Monday as oil and gas transit continued on tankers from the Middle East after US airstrikes against Iran at the weekend.

Brent crude futures were up 85 cents, or 1.1 percent, at $77.86 a barrel by 1:26 p.m. Saudi time. US West Texas Intermediate crude rose by 84 cents, or 1.14 percent, to $74.68.

US President Donald Trump said he had “obliterated” Iran’s main nuclear sites in strikes over the weekend, joining an Israeli assault in an escalation of conflict in the Middle East as Tehran vowed to defend itself.

Israel carried out fresh strikes against Iran on Monday, including on the capital, Tehran, and the Iranian nuclear facility at Fordow, which was also a target of the US attack.

Iran, which is OPEC’s third-largest crude producer, said on Monday that the US attack on its nuclear sites expanded the range of legitimate targets for its armed forces and called Trump a “gambler” for joining Israel’s military campaign against the Islamic Republic.

Meanwhile, China said the US attack had damaged Washington’s credibility and warned that the situation could go “out of control.”

The Brent and WTI crude benchmarks touched five-month highs of $81.40 and $78.40, respectively, on Monday before giving up gains to turn negative and then recover to a 1 percent gain.

Prices have risen since the start of the conflict on June 13 on mounting fears that Iran could retaliate by closing the Strait of Hormuz, through which about a fifth of global crude supply flows.

“All eyes remain on the Strait of Hormuz ... and whether Iran will seek to disrupt tanker traffic,” said Saxo Bank analyst Ole Hansen.

Investors are still weighing up the extent of the geopolitical risk premium, given the Middle East crisis has yet to crimp supply.

UBS analyst Giovanni Staunovo said the risk premium is fading but it is unclear how the conflict might evolve, and prices are likely to remain volatile in the near term.

A Goldman Sachs report on Sunday said that Brent could briefly peak at $110 a barrel if oil flows through the Strait of Hormuz were halved for a month and remain down by 10 percent for the following 11 months.

The bank still assumed no significant disruption to oil and natural gas supply, citing global incentives that prevent sustained and very large disruptions.

Given the waterway is indispensable for Iran’s own oil exports, which are a vital source of its national revenue, a sustained closure would inflict severe economic damage to Iran itself, making it a double-edged sword, said Sugandha Sachdeva at research firm SS WealthStreet. 


‘Future cities will be built for visitors, not just residents,’ Saudi tourism minister tells Arab News

‘Future cities will be built for visitors, not just residents,’ Saudi tourism minister tells Arab News
Updated 10 November 2025

‘Future cities will be built for visitors, not just residents,’ Saudi tourism minister tells Arab News

‘Future cities will be built for visitors, not just residents,’ Saudi tourism minister tells Arab News

RIYADH: ֱ is positioning itself at the forefront of the global travel evolution by designing destinations that will target the tourists of the future, the Kingdom’s tourism minister has said.

Ahmed Al-Khateeb added that sustainability would serve as the guiding principle behind ֱ’s role in tomorrow’s global travel landscape.

Travelers’ habits and the tourism industry’s revenue sources have shifted dramatically in recent years, he told Arab News in an interview.

“People used to travel in groups. Today, they are traveling in smaller groups. Hotels used to make most of their revenues from rooms — now, they are making more from lounges and restaurants.”

And younger generations, empowered by technology, are also redefining how travel is planned and experienced, Al-Khateeb added. “They are driving their own itineraries on the go, which puts pressure on traditional travel companies that once organized large group trips. We are witnessing big shifts in the global travel market.”

Among the world’s fastest-growing tourism markets, China and India are reshaping international travel flows. “China has become the most important source market for outbound travelers, while India is expected to double its number of travelers in the coming years,” the minister said. “This opens a major opportunity for the Middle East — and ֱ in particular — to emerge as a top destination for international tourists.”

Since 2019, ֱ has recorded the fastest tourism growth among all G20 nations, said Al-Khateeb. “We have a very strong domestic market and a very strong religious market. Now, we have opened our doors for leisure, business and holiday travelers — whether they seek the Red Sea coast, the southern mountains, our major cities or our beautiful islands.”

Yet the Kingdom’s long-term vision for tourism extends far beyond the present, with destinations being built to serve both visitors and residents sustainably, he added.

“In the 1950s and 1960s, cities were built for residents,” Al-Khateeb said. “Today, in places like Greece, visitors outnumber residents three to one. The cities of the future must be designed for visitors as well — and that’s what we are doing in ֱ.”

Sustainability has become a non-negotiable element of all tourism development in the Kingdom, he added. “In the last two decades, sustainability has become extremely important. As we build new destinations like the Red Sea, we are fully aligned with sustainability regulations. Whatever we build today is environmentally friendly, ensuring not only environmental, but also social and economic sustainability.”

This principle lies at the heart of Vision 2030’s tourism transformation: “Sustainability is at our forefront whenever we build or operate any new destination,” he added.