Oil Prices Climb on US-Iran Strikes and Hormuz Closure

Higher fuel costs now confront drivers, airlines and manufacturers as renewed fighting between the United States and Iran pushes crude futures higher. Brent crude rose 1.9 percent to $93.19 a barrel and West Texas Intermediate gained 2.17 percent to $90.11 a barrel on June 10, 2026, after President Donald Trump warned on Truth Social that Iran would “pay the price” for delays in peace talks.

The latest price move followed U.S. strikes on Iranian military targets near the Strait of Hormuz. Those strikes came in response to the downing of a U.S. Army Apache helicopter the previous day, according to U.S. Central Command. Trump had vowed retaliation on Tuesday. Iran has kept most shipping closed through the strait, which normally carries roughly one-fifth of global crude and liquefied natural gas. Washington has imposed its own restrictions on Iranian ports.

Fighting that began with U.S. and Israeli attacks on Iran in late February has now lasted more than 100 days. The conflict has cut 11.8 million barrels a day of production across six Gulf producers, Rystad Energy estimates, for cumulative losses near 1 billion barrels. Even if fighting stopped immediately, supply would take months to recover because damaged infrastructure cannot restart quickly and because large volumes of oil already at sea must clear the market first.

The International Energy Agency coordinated a release of 400 million barrels from strategic petroleum reserves in March. Analysts at the Energy Policy Research Foundation expect those releases to end by late summer. After that point, further price spikes remain possible if the strait stays closed. U.S. Energy Secretary Chris Wright said ship traffic in the Gulf has begun to rise, yet Iran continues to block most transits.

Traders also noted falling U.S. crude inventories for an eighth straight week and lower Chinese imports, which have capped some of the upward pressure. Broader effects already appear in higher jet-fuel costs that hit airlines and in shortages of fertilizer and helium that transit the strait. Sustained high prices could encourage demand reduction in some sectors, though the scale of any such shift remains unclear.