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Oil Prices Dropping - Iran's Efforts Are Floundering News and opinion reporting is a tricky business. Sometimes we are called upon to read the minds of people who don't know what they themselves think on a given topic; sometimes we are called upon to read the minds of people who don't think at all. At other times, we are called upon to prognosticate on what an event, like, say, Israel and the United States attacking Iran, may have on another matter, like oil prices. Only yesterday, Sunday, I noted that Iran's efforts to close the Straits of Hormuz might cause a spike in oil prices. Sometimes it's lovely to be wrong. At least, so far. See Also: Fill Your Tanks! After Iran Attack, Oil Prices May Skyrocket. On Sunday, I predicted: The Strait of Hormuz sees about a fifth of the world's oil production pass through that strategic chokepoint. Earlier on Sunday, my RedState colleague Mike Miller informed us of Iran's threat to close the Strait. Whether they can do that remains to be seen, but even the threat could affect oil prices in the short term. As of this writing, late morning Monday (Alaska time), oil prices have dropped. Oil is DOWN by 7.5 percent. Iran is cooked. — Katie Pavlich (@KatiePavlich) June 23, 2025 A quick look at RealClearMarkets' commodities pricing
Monday, 06/23/2025, Video Clip |
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