Oil prices rise due to escalation between the US and Iran: what’s happening on the market
FILE PHOTO: A drone view of a pump jack and drilling rig south of Midland, Texas, U.S. June 11, 2025. REUTERS/Eli Hartman/File Photo
Oil prices surged on Thursday, June 11, after Iran closed the Strait of Hormuz and threatened to fire on ships trying to pass through it, while the United States threatened to step up attacks if a peace deal is not reached.
This is reported by Reuters.
Brent crude futures rose 1.59% to $94.58 a barrel. U.S. West Texas Intermediate (WTI) crude futures were up more than $3 at the start of trading.
“This once again shows that a deal is still far away and energy flows from the Persian Gulf will remain significantly constrained,” ING analysts said in a note to clients, noting that the renewed escalation of hostilities caused oil prices to rise in morning trading.
On Wednesday, a US military official said commercial vessels continue to enter and exit the Strait of Hormuz, and none of the ships have been hit.
However, Iranian media reported that American ships near the waterway had become targets for missiles and drones.
On Wednesday evening, US President Donald Trump told Fox News correspondent Trey Ingst that the strikes may soon stop, but he will “bomb them to death” if Iran’s leadership does not immediately sign a deal with the United States.
According to analysts, these events indicate that a peace agreement between the US and Iran has not yet been reached, and energy supplies from the Persian Gulf will continue to remain significantly limited.
Additionally, U.S. crude oil inventories fell by 7.2 million barrels to 426.5 million barrels for the week, exceeding analysts’ expectations of a 4 million barrel decline.
Previously , “Pryamiy” reported that the US launched new strikes on Iranian territory after an Iranian drone shot down an American AH-64 Apache attack helicopter near the Strait of Hormuz.
Also, on the night of June 11, the United States continued its military operation against Iran and launched a new series of strikes on facilities that, according to the American side, are related to the country’s defense infrastructure.
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