WTI Settles Near $96, Extending Weekly Gain to 9.6% as US-Iran Strikes Threaten Hormuz Deal
Updated
Updated · Bloomberg · Jun 4
WTI Settles Near $96, Extending Weekly Gain to 9.6% as US-Iran Strikes Threaten Hormuz Deal
3 articles · Updated · Bloomberg · Jun 4
Summary
West Texas Intermediate rose 2.4% on Tuesday to settle near $96 a barrel, marking a third straight daily gain as traders priced in renewed disruption risk.
Fresh US-Iran strikes undermined hopes for a peace deal that would reopen the Strait of Hormuz, a critical route for global oil flows.
The latest flare-up came after the US hit an empty oil tanker heading to Iran; the US military then reported missile and drone attacks on its forces.
Iran targeted the main US naval base in Bahrain and another airbase in Kuwait, extending a regional conflict that had already pushed crude sharply higher earlier this week.
Beyond soaring oil prices, what is the hidden environmental and public health catastrophe unfolding from the U.S.-Iran conflict?
With a new Supreme Leader in Tehran, will Iran's historic power shift escalate the conflict or create an opening for peace?
As conflict seals the Strait of Hormuz, are proposed bypass routes a real solution or just the next vulnerable target?
Global Economic Shock: The 2026 Strait of Hormuz Blockade and Its Impact on Energy, Food, and Geopolitics
Overview
The ongoing crisis in the Strait of Hormuz began after diplomatic efforts over Iran’s nuclear program collapsed in early 2025, when Supreme Leader Ali Khamenei rejected further talks. This led to a sharp escalation of Iran’s nuclear activities, including uranium enrichment and restricted IAEA inspections. Following international censure and military strikes by Israel and the U.S., Iran retaliated by blocking the Strait in February 2026. This blockade has severely disrupted global supply chains, causing sharp increases in fertilizer and energy prices, and threatening food and energy security worldwide. The crisis highlights how regional conflicts can quickly trigger global economic shocks.