Oil analysts left scratching their heads over Isreal-Iran conflict: ‘Your guess is as good as mine’
Smoke billows in the distance from an oil refinery following an Israeli strike on the Iranian capital Tehran on June 17, 2025.
Atta Kenare | Afp | Getty Images
Analysts are struggling to predict the extent to which Israel and Iran’s escalating conflict could influence oil prices.
Israel’s surprise attack on Iran’s military and nuclear infrastructure on Friday has been followed by five days of spiraling warfare between the regional foes.
U.S. President Donald Trump on Tuesday called for an “unconditional surrender” from Tehran, warning Washington’s patience was wearing thin.
Energy markets are weighing the likelihood of direct U.S. involvement in the conflict, as well as the potential for major supply disruptions — particularly worst-case scenarios, such as Iran blocking the highly strategic Strait of Hormuz that links the Persian Gulf to the Gulf of Oman.
John Evans, an analyst at oil broker PVM, said Wednesday that a “blanket of unease” had descended upon oil markets in recent days.
“Our market is settling into a world where missile exchanges are commonplace but the cynicism of it being normal has yet to set in because of how easily the situation could escalate,” Evans said in a research note.
Iran’s ongoing retaliatory attacks with ballistic missiles towards Israel are seen from Tel Aviv, Israel on June 17, 2025. Iran has resumed ballistic missile operations in response to Israeli attacks.
Anadolu | Anadolu | Getty Images
Israel’s Bazan oil refinery complex sustained damage from an Iranian attack earlier this week, while an Israeli airstrike at the South Pars field, the world’s largest gas field, prompted Tehran to partially suspend production. The South Pars gas field is shared between Iran and Qatar.
“The situation is as fluid as the underlying commodity it mostly affects and while there is a fraternal ‘your guess is [as] good as mine’ in future price divination, positioning will continue to be at least defensively long,” PVM’s Evans said.
The chief executives of oil companies of TotalEnergies, Shell, and EnQuest told CNBC on Tuesday that further attacks on critical energy infrastructure could have serious consequences for global supply and prices.
‘It is a roulette’
Oil prices, which have jumped in recent days, were trading in mixed territory on Wednesday.
International benchmark Brent crude futures with August delivery stood little changed at $76.43 per barrel at 12:48 p.m. London time. U.S. West Texas Intermediate futures with July delivery, meanwhile, traded flat at $74.86 per barrel.
Per Lekander, founder of investment management firm Clean Energy Transition, described the situation for oil markets ahead of Israel’s attack on Iran last week as “bad,” given plentiful supply growth from OPEC and non-OPEC producers and soft demand.
“I was increasingly convinced we were heading for a 2014/2020 reset lower to $30-50 to get capex down and start a new cycle. In fact, the current conflict makes that outcome even more likely when [the] conflict is over as producers are now producing and hedging as much as they can,” Lekander said in a note.
“While this is going on it is a roulette. We have a $10 [per barrel] risk premium in the price which is fair given that there clearly are some interruptions (mainly Iran exports and some lower tanker loadings),” he added.
What next for oil prices?
Looking ahead, Stephen Schork, editor of The Schork Report, on Wednesday said that a significant escalation in the Israel-Iran conflict could push oil prices substantially higher.
“We’re kind of stabilizing right now. I think we’re waiting for that next headline to come out and really, I think that anyone who does not think oil could go higher, I really think they are trading on hope and not reality,” Schork told CNBC’s “Access Middle East.”
“We are now facing the biggest threat to the oil markets since Iraq invaded Kuwait in 1990 and perhaps even greater than the 1974 Arab oil embargo,” he added.
Schork said there was a roughly 5% chance of oil prices climbing to above $103 per barrel within the next five weeks, with much longer odds of crude soaring as high as $160 per barrel by the end of summer, if flows out of the Persian Gulf are seriously disrupted.
Environment
Zoox opens new production facility where its purpose-built robotaxis will be built [Video]
![Zoox opens new production facility where its purpose-built robotaxis will be built [Video]](https://i0.wp.com/electrek.co/wp-content/uploads/sites/3/2025/06/Zoox-production-hero.jpg?resize=1200,628&quality=82&strip=all&ssl=1)
Robotaxi developer Zoox has cut the ribbon on the first serial production facility for purpose-built robotaxi vehicles in the United States. This new cutting-edge facility will be able to assemble thousands of Zoox’s unique autonomous vehicles each year as its commercial services expand.
Zoox is a California-based Robotaxi developer that continues to expand its network of test vehicles to make way for the rollout of its unique purpose-built vehicle, unlike anything else on the roads.
While much of Zoox’s current test fleet consists of existing vehicles retrofitted with sensors and cameras, Zoox has designed and delivered an entirely purpose-built EV without pedals or a steering wheel. We’ve seen those Robotaxis roll off Zoox’s existing production line in Fremont, California, before hitting Bay Area and Las Vegas roads.
Today, Zoox officially opened a second production facility closer to its California headquarters. This facility will house dedicated assembly lines for its bespoke robotaxis. Zoox’s latest video, which you can view below, provides an in-depth look at those new production lines.
Zoox moves Robotaxi production to new CA facility
This morning, Zoox shared an exciting look at its new production facility, which was described as a “first of its kind” for purpose-built robotaxi assembly in the US. Per Zoox, the 220,000 square-foot plant is located in Hayward, California, and consists of one assembly line which, at full scale, can produce 10,000 robotaxis per year.
In addition to serial production, Zoox’s second facility will house robotaxi engineering, software and hardware integration, component storage, shipping and receiving, plus the end-of-line testing required before any vehicles are deployed.
Zoox made efforts to ensure its new state-of-the-art plant was sustainable and based in the US to create an environment in which autonomous robots and humans work side by side to build fully autonomous robotaxis. Per Zoox:
Constructing a state-of-the-art facility also provided an opportunity to showcase our values at Zoox. The facility is situated near our Foster City headquarters, fostering collaboration between engineers and other teams. Zoox owns, operates, and assembles these purpose-built robotaxis, giving the company oversight of the entire process end-to-end and the opportunity to flex the production depending on expansion and market demand. As the robotaxi design advances, the facility’s unique layout and building equipment will be able to accommodate these future changes and features.
In an assembly facility focused on building autonomous robots, our Zoox crew remains an essential part of the manufacturing process. Robots on the floor are primarily used for specific tasks, such as applying adhesive for glass installation (which requires precision to avoid leaks and smudges) and transporting the robotaxi down the assembly line, ensuring a smooth and efficient workflow. The rest is done manually.
Zoox shared that its initial facility in the Bay Area has been repurposed into a dedicated facility for its retrofitted test fleet and sensor pod configuration. While production of the purpose-built robotaxis is exciting to see, much of Zoox’s US operations revolve around the retrofits for now.
Zoox has said that paid robotaxi rides to the public will begin in Las Vegas soon, followed by San Francisco. Other cities like Austin and Miami will join, but not for a few years. Meanwhile, Zoox continues testing other areas such as Los Angeles and, most recently, Atlanta.
In the meantime, Zoox provided a look at the assembly of its purpose-built robotaxi vehicles before they make their way out into the real world. Check it out:
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The Justice Department announced Wednesday the largest-ever U.S. seizure of cryptocurrency linked to so-called “pig butchering” scams that have cost victims billions globally.
Federal prosecutors filed a civil forfeiture action targeting more than $225 million in cryptocurrency traced to a sprawling web of fraudulent investment platforms. Victims were tricked into believing they were investing in legitimate crypto ventures, only to be scammed by criminal networks often operating overseas.
“This seizure of $225.3 million in funds linked to cryptocurrency investment scams marks the largest cryptocurrency seizure in U.S. Secret Service history,” said Shawn Bradstreet, special agent in charge of the U.S. Secret Service’s San Francisco Field Office, in a statement.
Authorities said the network was connected to at least 400 suspected victims worldwide, including dozens in the U.S. Crypto fraud was responsible for more than $5.8 billion in reported losses last year, according to FBI data.
The seized funds are now subject to forfeiture proceedings aimed at eventually returning money to victims.
The U.S. Secret Service and FBI used blockchain analysis and other tools to trace the cryptocurrency back to stolen assets. The DOJ credited Tether, the world’s largest stablecoin issuer, for assisting in the operation.
According to the complaint, the funds were linked to the theft and laundering of money from victims of cryptocurrency investment fraud schemes, commonly known as confidence scams that often involve romance.
The network relied on hundreds of thousands of transactions to obscure the origin of the funds, using sophisticated blockchain maneuvers to conceal the flow of stolen assets.
Environment
BYD has now sold over 1 million Seagull EVs, the $10,000 electric car that’s going global
Starting at under $10,000, the Seagull is the most affordable EV BYD offers in China. It’s also the company’s best seller. In just over two years, BYD has sold over 1 million Seagull EV models. Now, it’s rolling out to new global markets.
BYD Seagull EV sales surpass the 1 million mark
BYD officially launched its low-cost electric car in April 2023, with deliveries kicking off the following month. In just 25 months, BYD Seagull sales surpassed 1 million.
The Seagull went back and forth with the Tesla Model Y for a few months in 2024 as the best-selling EV in China. In November, it outsold every car in China, including gas-powered vehicles.
After selling an additional 60,131 Seagull models in May, BYD announced that its cumulative sales had reached nearly 993,000.
With just over 7,000 models to go, we knew the milestone was coming soon. During a launch event for its new Seal 06 EV on June 6, BYD officially announced that Seagull EV sales reached 1 million.
The Seagull typically starts at 69,800 yuan, or about $9,300. However, after slashing prices last month, the low-cost EV now starts at just 55,800 yuan ($7,800).
It’s available in three trims: Vitality, Freedom, and Flying. Two battery options are offered, 30.1 kWh and 38.9 kWh, which provide a CLTC range of 305 km (190 mi) and 405 km (252 mi), respectively.
BYD claimed that the Seagull opened “a new era of electricity being lower than oil” after launching the new model in 2024.
| BYD Seagull EV trim | Starting Price | Range (CLTC) |
| Vitality | Normal: $9,300 (69,800 yuan) Now: $7,800 (55,800 yuan) |
190 mi (305 km) |
| Freedom | $10,300 (75,800 yuan) | 190 mi (305 km) |
| Flying | $11,700 (85,800 yuan) | 252 mi (405 km) |
Earlier this year, BYD upgraded most of its lineup at no extra cost, including the Seagull EV, with its new “God’s Eye” smart driving system.
The Seagull measures 3,780 mm in length, 1,715 mm in width, and 1,540 mm in height, which is even smaller than the outgoing Chevy Bolt EV and VW ID.3. It’s closer in size to the Fiat 500e.
In Europe and the UK, BYD launched the Seagull EV under the name Dolphin Surf. It’s slightly bigger (+210 mm in length) and more powerful than the Chinese variant.
Although it’s not quite $10,000, prices start at just £18,650 (just over $25,000) in the UK, which is still one of the most affordable options. BYD’s base Dolphin Surf “Active” has a WLTP range of 203 miles. An extended-range “Boost” trim is available with a range of up to 305 miles (507 km). It starts at £21,950 ($30,000).
Electrek’s Take
The Seagull has been a huge part of BYD’s success over the past few years. It’s already rolling out in overseas markets, such as Brazil and Mexico, under the name Dolphin Mini.
For the first time, BYD registered more vehicles than Tesla in Europe in April. It also outsold Tesla in the UK last month.
The Dolphin Surf’s arrival is only expected to accelerate BYD’s momentum going into the end of the year. Although BYD is best known for its ultra-affordable EVs, like the Seagull (or Dolphin Surf), it’s rapidly expanding its lineup with new luxury vehicles, entry-level models, mid-size SUVs, and electric supercars.
One thing is certain: BYD will be a name to continue to watch closely over the next few years as the industry shifts to electric.
BYD’s commitment to ending production of vehicles powered entirely by gas engines in 2022 is quickly paying dividends.
Source: CarNewsChina, BYD
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