Oil Prices Drop by 6% After Iran’s Missile Strikes on US Base in Qatar

On Monday, June 23, 2025, oil prices fell following Iran’s missile attack on a U.S. airbase in Qatar, with no reported casualties. This development has increased investor hopes for conflict de-escalation. American crude oil dropped by $4.20, or 5.69%, to $69.64 per barrel. The global Brent crude benchmark also declined by $4.38, or 5.69%, to $72.63 per barrel. For now, the worst fear of the oil market—that Iran might disrupt exports from the Persian Gulf—has been avoided. Iran launched a missile strike on Al-Udeid Air Base in Qatar, where U.S. forces are stationed, according to NBC News citing Iranian state television. Qatar confirmed that the strike caused no casualties, as stated by a representative of its Ministry of Foreign Affairs via social media. Qatar’s air defense intercepted the Iranian missiles, the representative added. Initially, oil prices surged Sunday night after the U.S. bombed three key nuclear sites in Iran on Saturday. Brent crude rose over 5% Sunday night, surpassing $81 before retreating. West Texas Intermediate (WTI) also reached its highest levels since January before declining. ‘The market is pricing in a scenario where things gradually de-escalate,’ said Jorge Leon, head of geopolitical analysis at Rystad Energy, during CNBC’s ‘Worldwide Exchange’ today. ‘The concerning aspect is that the extreme scenario where there’s a threat to close the Strait of Hormuz remains realistic,’ Leon warned. ‘Things could go downhill very, very quickly.’