Oil prices have plummeted this week following Iran’s attack against United States military bases in Qatar. This attack occurred after the US targeted three Iranian nuclear facilities on Saturday.
Oil prices fell to levels last seen before the Iran-Israel conflict, and even before President Donald Trump’s inauguration day.
🚨HOLY SMOKES: The price of crude oil just hit a NEW LOW — Marking a milestone of a 17% DROP SINCE INAUGURATION DAY!
— Townhall.com (@townhallcom) June 24, 2025
Over the course of just FOUR DAYS the price has dropped from $75.10 to $64.40.
That's down 14% in less than a week!
DRILL BABY DRILL! pic.twitter.com/ZfY89fxwCv
“We are at a lower oil price right now than we were when President Trump took office,” Brian Brenberg, co-host of “The Big Money Show” said on Fox News, adding that now, the price is below $70 per barrel.
“These numbers tell you that the people who make it a professional endeavor to assess risk in the world are saying, ‘At this moment, risk in the Middle East is diminishing because of what Israel’s accomplished, because of what the United States and this president have accomplished, and what it’s meant to Iran,” he said.
“Clearly, Iran has gotten a signal that it has not gotten in a very long time.”
🚨BREAKING: Oil prices plunge ~7%.
— Derrick Evans (@DerrickEvans4WV) June 24, 2025
This brings the price below $70 per barrel. pic.twitter.com/PLQeKbJpKD
These figures are comparable to what they were before Israel struck Iran in a preemptive attack against military sites two weeks ago (via CNN):
Brent crude, the global oil benchmark, was trading 5.8% lower on the day Tuesday afternoon at $66.44 a barrel. West Texas Intermediate crude, the US oil benchmark, was also trading 5.8% down at $64.50 a barrel.
These levels are broadly comparable to the closing prices before Israel launched an unprecedented attack on Iranian nuclear facilities on June 13.
In an interview on Fox News, United States Secretary of Energy Chris Wright said that “strong leadership from our president over the weekend” is what led to the price of oil going down.
“Here we are Monday evening and oil dropped below $70 a barrel. And, more importantly, for American consumers, wholesale gasoline was down over 10 cents today and diesel down 15 percent. That is the collective benefits of President Trump’s energy dominance agenda and his strong, clear, peace through strength leadership style. He’s just transforming the Middle East,” Wright said.
.@SecretaryWright: “Everyone predicted $100 oil. Trump strikes Iran’s nuclear sites—and oil drops below $70. Gas down 10¢, diesel 15%. That’s the result of energy dominance and peace through strength. Trump’s leadership is transforming the Middle East.” pic.twitter.com/wUq5VXhMpG
— Laura Ingraham (@IngrahamAngle) June 24, 2025
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