Following the missile attack by Iranian forces on the Al Udeid American base located near Doha, Qatar, global oil prices experienced a significant drop. The incident occurred on the evening of June 23, when Iran launched at least 10 missile strikes on the facility, which is a crucial support for the US military presence in the region.
This is reported by Finway
Market Reaction to Tehran’s Limited Response
These events were a response from Tehran to American airstrikes that had targeted key sites of Iran’s nuclear program the day before. Analysts note that Iran’s response remained limited, which influenced the movement of prices in the energy market. As of 9:30 PM, the price of Brent crude oil fell by more than 7% — over $5.50, reaching around $71 per barrel. Thus, the quotes nearly returned to the level recorded before the start of Israeli airstrikes on Iran on June 13.
Escalation of the Conflict and Its Consequences
Israel began extensive bombings of targets in Iran on June 13. The main targets included infrastructure related to the nuclear program, buildings of security forces, as well as nuclear scientists and high-ranking officials from military departments. According to official data from the Iranian authorities, 224 people were killed in these attacks, most of whom the Iranian side considers to be civilians.
“Israel reminds that in 2024, Iran launched massive strikes against Israeli territory using ballistic missiles and drones twice – on April 13 and October 1. Iran also carried out a series of missile strikes after June 13. In Israel, 25 civilians were killed, including a Ukrainian family of five, three of whom were children.”
In light of the ongoing escalation, the series of missile strikes from Iran continued even after June 13. As a result, 25 civilians were killed in Israel, including a Ukrainian family of five, which included three children.