Oil Prices Plunge Over 13% After Iran’s Retaliatory Strikes in Qatar

Global crude prices, including West Texas Intermediate and Brent, plunged more than 13% as Iran’s measured response to U.S. strikes left energy assets untouched. WTI fell below $70 a barrel, alleviating investor fears of a severe supply shock.

Tehran’s missiles targeted a U.S. air base in Qatar in retaliation for President Donald Trump’s weekend airstrikes on three Iranian nuclear sites. The intercepted barrage caused no casualties and, according to Bloomberg, left pipelines and refineries intact, underpinning today’s sell-off in oil markets.

Traders had braced for a closure of the Strait of Hormuz, a chokepoint responsible for roughly one-fifth of global oil exports. Prices oscillated within a $10-a-barrel band, first surging over 6% before plunging further, highlighting extreme volatility in energy trading.

The Middle East accounts for about one-third of worldwide crude output, yet so far, there have been no reports of disrupted tanker flows. In fact, Iran’s oil shipments from Gulf terminals have reportedly increased since hostilities began earlier this month.

Compounding recent weakness, President Trump took to social media to decry rising fuel costs and urged the Energy Department to ramp up domestic drilling “now.” Energy Secretary Chris Wright responded swiftly, tweeting, “We’re on it,” signaling that U.S. policy could pivot to shore up oil supplies.

Since Israel’s strikes on Iran’s nuclear facilities earlier this month, crude benchmarks have trended upward. Oil traders remain on edge as they weigh each development in real time.

Today’s sharp sell-off underscores how sensitive global oil markets are to Middle East conflict, even when core energy infrastructure remains unscathed. With the Strait of Hormuz open for now, investors are bracing for the next flashpoint that could again jolt global oil supply.