Brief by Shorts91 Newsdesk / 07:58pm on 18 Jun 2025,Wednesday International
Oil prices surged Tuesday amid fears the Israel-Iran war could draw in the US, with Brent and WTI crude rising 4.4% and 4.3% respectively. Prices continued edging higher Wednesday. The spike followed Israeli strikes on key Iranian oil sites and President Trump’s demand for Iran’s “unconditional surrender.” US stocks also fell, with the S&P 500 and Nasdaq dropping 0.84% and 0.91%. Though global energy flows remain stable, experts warn that further escalation, especially targeting Iran’s Kharg Island or blocking the Strait of Hormuz, could cripple oil supplies. Iran, sitting on 4% of global output, may retaliate against Saudi or global exports. (PC: Reuters)
