Updated Jun 10, 2026 – 4.47pm, first published at 4.32pmOil traders barely batted an eyelid after the United States carried out a fresh wave of strikes against Iran on Wednesday, but their optimism is set to be tested as oil reserves approach a breaking point.Brent crude was near $US92 a barrel on Wednesday, having traded close to the middle of its 20-year price range for the best part of a month. That comes as oil markets wait for news of a ceasefire and a possible reopening of the Strait of Hormuz, even as hostilities ramp up across the region.Subscribe to gift this articleGift 5 articles to anyone you choose each month when you subscribe.Subscribe nowAlready a subscriber? Fetching latest articles