Oil Rises After US Retaliatory Strikes on Iran
Global oil prices rose again on Wednesday (June 10, 2026) after the United States launched new strikes on Iranian targets following the downing of an Apache helicopter in Omani waters. Brent crude briefly rose as much as 2% to above US$93 per barrel, while West Texas Intermediate (WTI) rallied to US$90 per barrel before paring gains after the US announced the end of the brief retaliatory campaign.
These strikes were a proportionate response to what the US government called unjustified Iranian aggression. US forces targeted air defenses, ground control stations, and surveillance radars near the Strait of Hormuz with precision missions. Iran responded with drone attacks on the US Fifth Fleet in Bahrain and attacked American military facilities in Jordan and Kuwait, ensuring no threat goes unanswered.
These renewed tensions threaten the fragile ceasefire in the Middle East and hinder long-term peace negotiations between the warring parties. Nevertheless, energy analysts believe the market is somewhat comforted that the attacks remain proportionate, not full-scale, so there's still interest in seeking a deal amid fears of an escalating war.
The oil market is also under additional pressure from dwindling inventories. The American Petroleum Institute reported a 9.1 million barrel decline in US oil inventories last week, the lowest level in four months. The decline in global inventories underscores the tightness of global oil supplies due to the conflict in the Persian Gulf and restrictions on transportation through the Strait of Hormuz.
As of midday in Singapore, Brent crude for August delivery rose 0.6% to US$92.04 per barrel, while WTI for July rose 0.6% to US$88.74 per barrel. This surge marks a partial recovery after a sharp 3% decline in the previous session, reflecting market concerns about continued supply disruptions due to geopolitical tensions. (asd)*
Source: Newsmaker.id
