Oil Prices Drop Despite Iranian Missile Strikes on US Base in Qatar

On Monday, June 23, 2025, oil prices declined after several days of increases as investors downplayed supply risks in the Middle East, even following missile strikes by Iran against a U.S. airbase in Qatar. The U.S. crude oil price fell by $3.18 or 4.31% to $70.66 per barrel. Meanwhile, the global benchmark Brent dropped by $3.35 or 4.35% to $73.66. Iranian forces announced they launched a missile attack on Al-Udeid Air Base in Qatar, where U.S. forces are stationed, according to NBC News translations of Iranian state television. The White House and Pentagon closely monitored potential threats to the Al-Udeid base, said a senior White House official to NBC News. Both benchmarks were significantly lower than their recent highs following the bombing of three key Iranian nuclear facilities over the weekend by the U.S. Brent had surged over 5% Sunday night, breaking above $81 before easing. Similarly, West Texas Intermediate (WTI) reached its highest levels since January before retreating. ‘The market is pricing in a scenario where tensions gradually de-escalate,’ stated Jorge Leon, head of geopolitical analysis at Rystad Energy, on CNBC’s ‘Worldwide Exchange.’ Leon added, ‘The concerning aspect is that the worst-case scenario, involving a threat to close the Strait of Hormuz, remains realistic. Things could go downhill very quickly.’ Earlier in the day, there was a call for all parties involved to keep oil prices low, likely urging the American oil industry to boost production.