By Boluwatife Oshadiya | June 11, 2026
Key Points
- Brent crude rose to $93.33 per barrel amid heightened geopolitical tensions
- U.S. and Iranian forces exchanged attacks for a second consecutive day
- Falling U.S. crude inventories added support to global oil prices
Main Story
Global oil prices moved higher on Thursday as renewed military confrontations between the United States and Iran intensified concerns over potential disruptions to crude supplies from the Middle East.
Brent crude traded at $93.33 per barrel, up 0.27% from the previous session, while West Texas Intermediate (WTI) gained 0.44% to $90.40 per barrel. The gains followed reports that U.S. forces conducted another round of strikes on military targets inside Iran, marking the second consecutive day of military action.
According to the U.S. Central Command (CENTCOM), the strikes were carried out in response to the reported downing of a U.S. helicopter near the Strait of Hormuz. Iran subsequently launched attacks targeting U.S. military facilities and allied positions across the Gulf region.
The Strait of Hormuz remains a critical global energy chokepoint, with approximately one-fifth of the world’s oil supply passing through the waterway. Although Tehran claimed maritime traffic had been halted, CENTCOM stated that commercial shipping activities continued.
Additional support for oil prices came from fresh data released by the U.S. Energy Information Administration (EIA), which showed commercial crude inventories fell by 7.2 million barrels to 426.5 million barrels in the week ended June 5, significantly exceeding market expectations.
“The latest military actions are intended as self-defense measures following attacks on U.S. assets,” CENTCOM said in a statement.
What’s Being Said
“We are prepared to undertake significantly stronger actions if Iran refuses to accept a peace framework,” U.S. President Donald Trump said during an interview with Fox News.
Energy market analysts warned that any disruption to shipping through the Strait of Hormuz could trigger further price spikes and increase inflationary pressures globally.
What’s Next
- Markets will monitor any further military escalation between Washington and Tehran.
- Traders will watch shipping activity in the Strait of Hormuz for signs of disruption.
- OPEC members may reassess market conditions if supply risks intensify.
The Bottom Line:
The latest surge in oil prices underscores the market’s sensitivity to geopolitical risks in the Middle East. With global supply routes under scrutiny, energy markets are likely to remain volatile until tensions ease.
