Brent Jumps to $94.58 as Iran Closes Hormuz After New U.S. Strikes
Updated
Updated · Reuters · Jun 11
Brent Jumps to $94.58 as Iran Closes Hormuz After New U.S. Strikes
3 articles · Updated · Reuters · Jun 11
Summary
Brent rose $1.48 to $94.58 a barrel and WTI gained $1.71 to $91.74 after Iran's military declared the Strait of Hormuz closed and threatened to fire on vessels attempting passage.
Additional U.S. strikes launched late Wednesday deepened the post-ceasefire escalation, and Donald Trump said attacks would continue unless Iran immediately signs a deal.
The strait normally carries about a fifth of global oil and gas shipments, and ING said the latest fighting points to heavily constrained Persian Gulf energy flows.
U.S. crude inventories added to the rally's momentum, falling 7.2 million barrels last week versus expectations for a 4 million-barrel draw.