Uranium Prices Rise Amid Geopolitical Tensions and Nuclear Ambitions

Spot market prices for uranium have climbed to $75 per pound, marking a weekly increase of over 7% by June 20. Analysts attribute the surge to renewed demand from investment funds, global initiatives to expand nuclear energy, and escalating tensions in the Middle East, Kommersant reports.

Key drivers of uranium’s price increase:

• Investment funds have resumed active purchasing. Notably, Sprott Physical Uranium Trust received $100 mln from a Canadian investment bank.
• The United States has announced plans to quadruple its nuclear power capacity by 2050.
• The conflict involving the U.S., Israel, and Iran has raised concerns about the stability of supply chains.

Market dynamics:
According to Energy Intelligence and Numerco, uranium has reached $75 per pound — the highest level since December 2024.
Prices had dipped below $70 in January but began to recover in March, gaining around 20% since then.

According to the World Nuclear Association (WNA), Uzbekistan ranks fifth globally in natural uranium exports. The current price rally presents new opportunities for the country on the international uranium market.

Kursiv Uzbekistan reported that domestically mined uranium could potentially be used at the nuclear power plant under construction in Jizzakh.