US Strikes Multiple Iran Targets for 2nd Day as WTI Jumps 2.6% to $92.39
Updated
Updated · Bloomberg · Jun 10
US Strikes Multiple Iran Targets for 2nd Day as WTI Jumps 2.6% to $92.39
3 articles · Updated · Bloomberg · Jun 10
Summary
WTI crude climbed as much as 2.6% to $92.39 a barrel after the US military launched strikes on multiple targets in Iran for a second straight day.
The new attacks followed President Donald Trump's accusation that Tehran was dragging out talks on an interim peace deal, deepening strain on an already fragile ceasefire.
Brent settled near $93, extending the previous session's gains of more than 2% as traders priced in a longer Middle East conflict and fresh risks to global markets.
Tehran said it would stand firm against any threat, signaling little immediate progress toward de-escalation despite the ongoing peace-track negotiations.
With the largest oil shock in history unfolding, can the global economy survive a prolonged closure of the Strait of Hormuz?
As a new hardline leader rises in Iran, is a full-scale regional war now inevitable despite ongoing peace talks?
In a conflict where both sides believe time is on their side, what unforeseen event could finally break the deadlock?
Global Oil Markets in Crisis: The 2026 US-Iran War and the Closure of the Strait of Hormuz
Overview
In June 2026, the US-Iran conflict sharply escalated, triggering immediate global instability and economic turmoil. The US military targeted a vessel, while Iran responded with missile and drone strikes across the Middle East, drawing in NATO and expanding the conflict’s fronts. Iran’s strategy aimed to make the war too costly for the US and Israel by widening it into political and economic spheres. The closure of vital oil routes, especially the Strait of Hormuz, caused energy shortages and price spikes, hitting Asian economies hardest. These events set off protests, disrupted supply chains, and deepened the crisis across the region.