Experts fear oil prices could hit $100 a barrel after US strikes on Iran | The IndependentNotifications can be managed in browser preferences.Jump to contentIndependentIndependent Bulletin homepageSocial PartnerWe are 8 logo (opens in a new tab)AllNewsSportCultureLifestyleHolly WilliamsMonday 23 June 2025 11:01 BSTDonald Trump claims successful US strikes on Nuclear sites in IranOil prices have surged to nearly six-month highs following joint US and Israeli military actions targeting Iran's nuclear facilities.The price increase is driven by investor concerns over potential retaliatory actions from Tehran, specifically the disruption of oil shipments through the Strait of Hormuz.Analysts fear Brent crude could reach 100 US dollars a barrel if Iran closes the strategically vital Strait of Hormuz, which handles a fifth of global oil and gas shipments.A closure of the Strait of Hormuz could trigger a major stagflationary shock, potentially worse than the 2022 energy crisis, leading to significant global stock market corrections.Even a disruption, rather than a full closure, of the Strait could cause a substantial inflation shock and a 5-10% correction in stock markets.In fullOil prices soar after US attacks on Iran nuclear sites – why they could go higherThank you for registeringPlease refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged in