Commodities

Oil Soars as Trump Raises Concerns of Escalating Middle East War

WATCH: Oil prices rose after US President Donald Trump called for the evacuation of Tehran, before paring gains. Anthony di Paola reports.Source: Bloomberg

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By Julia Fanzeres

June 16, 2025 at 6:59 PM EDT

Updated on

June 17, 2025 at 3:29 PM EDT

Oil jumped to the highest in almost five months as President Donald Trump fueled speculation that the US is on the verge of joining Israel’s attack on Iran, keeping the market on edge about potential crude supply disruptions in the Middle East.

West Texas Intermediate rallied 4.3% to settle near $75 a barrel, the highest closing price since January. Prices swung between gains and losses early in the session, with uncertainty driving a gauge of crude market volatility to three-year highs.