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       NEW YORK: Oil prices settled higher on Wednesday in a volatile session as investors weighed the chance of supply disruptions from the Iran-Israel conflict and potential direct US involvement.

       Brent crude futures settled 25 cents higher at $76.70 a barrel. US West Texas Intermediate crude rose 30 cents at $75.14. Earlier in the session, prices were down around 2pc. On Tuesday, prices jumped over 4pc.

       “The crude markets remain in a wait-and-see mode with the Israeli/Iran conflict still offering an array of question marks that could either spike Brent to as high as $83 per barrel or prompt a plunge back to about the $68 area,” analysts at energy advisory firm Ritterbusch and Associates said in a note.

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       “The biggest fear for the oil market is the shutdown of the Strait of Hormuz,” ING analysts said in a note.

       “Almost a third of global seaborne oil trade moves through this chokepoint. A significant disruption to these flows would be enough to push prices to $120 (a barrel).”

       Iran is Opec’s third-largest producer, extracting about 3.3 million barrels per day (bpd) of crude oil. Iran’s ambassador to the United Nations in Geneva said Tehran has conveyed to Washington that it will respond firmly to the US if it becomes directly involved in Israel’s military campaign.

       Published in Dawn, June 19th, 2025