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Forex Today: Crude Oil Continues to Spike Higher as Israel/Iran War Continues at Full Tilt
By Adam Lemon Created on June 16, 2025
Iran and Israel are in a full-scale war as Israel attempts to destroy Iran’s regime and nuclear program, with no end in sight.
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Most markets are beginning the week relatively quiet, in the absence of any high-impact news items scheduled for today. However, the war between Iran and Israel has entered its fourth day with continuing escalation. Israel has continued striking regime, military, and even infrastructure targets throughout Iran more or less around the clock. Iran last night and early this morning fired missiles at strategic targets in the Israeli city of Haifa, while later targeting civilian residences with precision ballistic missiles, killing several civilians and wounding scores. Israel’s defense minister will shortly announce evacuation orders for neighborhoods in the Iranian capital before systematically destroying buildings.
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There are increasing signs that the USA is positioning itself to join offensive operations on the side of Israel. It may well be that President Trump is hoping that if Iran does not sue for peace, Israel may be able to do enough damage that US air power could complete the destruction of Iran’s nuclear program without much blowback to US bases and allies in the region. President Trump has hinted that the US could become involved.
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Since the Iran/Israel conflict began, the price of crude oil has risen by almost 10%, and in eastern markets it has spiked higher again as the day begins, reaching very close to new 4-month high prices. When US markets open today WTI Crude Oil might rise in value by even more.
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There are several key central bank data releases due this week, from the US Federal Reserve, the Bank of Japan, the Bank of England, and the Swiss National Bank. However, the only rate change which is widely expected at any of them is the SNB which is expected to cut its rate by 0.25% to zero.
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The Asian session saw the strongest major currency in the Forex market as the Australian Dollar, while the weakest was the Swiss Franc. The major pair EUR/USD is close to its long-term high price, and trend traders will be interested to be long here.
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