POLITICO Energy Oil prices wobble as US and Iran attack
Jun 24, 2025
Tensions between the U.S. and Iran recently caused a spike in global oil prices, only to see them tumble as the situation stabilized. The discussion dives into the geopolitical effects of Iran's actions in the Straits of Hormuz and what this means for energy policy. Additionally, New York's push for a new nuclear power plant highlights a shift toward renewable energy, showing a contrasting response to the volatility in oil markets. Expect insights into the balance of energy dynamics and political promises.
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Oil Prices React to US-Iran Conflict
- U.S. attacks on Iranian nuclear sites briefly spiked oil prices due to fears of conflict escalation.
- Iranian strikes on U.S. bases were symbolic, leading to price drops as oil infrastructure was not targeted.
Iran Holds Off Closing Strait of Hormuz
- Iran avoided targeting the Strait of Hormuz, viewing it as a last-resort move due to economic self-harm.
- The strait is vital for Iran's income, so closing it would be suicidal unless Iran saw no chance for survival.
Trump's Energy Policy Contradictions
- Gasoline prices strongly impact voter perceptions and President Trump's approval ratings.
- Trump's calls to increase drilling at higher prices contradict industry desires and complicate his energy policy stance.