June 17, 2025
Despite fears that escalating tensions between Iran and Israel could disrupt energy supplies from the Middle East, oil prices rose on Tuesday amid renewed concerns with Brent crude increasing by around 1.84%, traded at $73.46 per barrel, as against $72.13 at the previous trading. Similarly, US benchmark West Texas Intermediate, WTI, rose by about 1.97%, to settle at $71.39 per barrel, from $70.01 at the prior trading.
Following reports that Iran was seeking to de-escalate hostilities and resume nuclear negotiations with the US, oil prices had retreated to $69.96 on Monday. However, there was a rebounded after US President Donald Trump called for the evacuation of Tehran, the Iranian capital.
Trump, had on his Truth Social platform said, “Iran should have signed the ‘deal’ I told them to sign. What a shame and waste of human life. Simply stated, Iran can not have a nuclear weapon. I said it over and over again!” “Everyone should immediately evacuate Tehran!”
According to the White House, Trump would leave the G7 summit in Canada early to return to Washington. “I have to be back early for obvious reasons,” Trump had said while addressing reporters. “You probably see what I see, and I have to be back as soon as I can.” he said.
READ MORE; Mass Exodus from Tehran as Israel-Iran Conflict Intensifies; Global Oil Prices Tumble 4%
Cable news reported that Trump had instructed the National Security Council to convene in the White House situation room. The latest developments lifted prices by heightening concerns over supply disruptions in the Middle East, home to most of the world’s oil reserves.
The Axios news site reported on Monday that the US is discussing with Iran on the possibility of a meeting this week between US envoy Steve Witkoff and Iranian Foreign Minister Abbas Araghchi.
Axios, which cited four sources briefed on the issue, said the objective would be to discuss a diplomatic initiative involving a nuclear deal and ending the war between Israel and Iran.
It would be recalled that since Friday, tensions have escalated when Israel launched coordinated airstrikes and drone attacks on multiple sites across Iran, prompting Tehran to also launch attacks on Israel.
