Strait of Hormuz in the Crosshairs of Israel–Iran Conflict—Will Oil Hit $100?

‘This is a pivotal moment for the petroleum market trend,’ says one market analyst.

A pump jack operates near a crude oil reserve in the Permian Basin oil field near Midland, Texas, on Feb. 18, 2025. Eli Hartman/Reuters

Crude oil prices have retreated since President Donald Trump delayed a decision on helping Israel destroy Iran’s nuclear program.

At a June 19 press briefing, White House press secretary Karoline Leavitt, reading a statement from the president, said a decision would be made within two weeks.