Brent Climbs Near $95 as US-Iran Fire Renews Hormuz Supply Fears
Updated
Updated · The New York Times · Jun 11
Brent Climbs Near $95 as US-Iran Fire Renews Hormuz Supply Fears
3 articles · Updated · The New York Times · Jun 11
Summary
Brent crude rose nearly 2% to about $95 a barrel on Thursday, while U.S. benchmark WTI gained 2% to around $92 after Washington and Tehran exchanged fire for a second straight day.
U.S. strikes on multiple targets in Iran followed Trump's pledge to keep up military pressure as nuclear talks moved too slowly; Iran said it answered with two waves of attacks on U.S. airbases in Kuwait and Bahrain.
The market's focus has shifted to shipping through the Strait of Hormuz, the Iran-Oman chokepoint that normally carries about one-fifth of global oil supply.
Despite the oil move, S&P 500 futures pointed higher, while Asian stocks were mostly lower; Taiwan shares fell about 1%, with Japan's Nikkei and South Korea's KOSPI also down.
U.S. gasoline prices still edged lower to a national average of $4.15 a gallon on Wednesday, reflecting the usual lag behind crude, while diesel averaged $5.30.
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.