Crude oil jumped more than 3% after the latest round of US-Iran military strikes sent traders scrambling to price in the growing risk of a full-blown supply disruption through one of the world’s most important shipping lanes.
West Texas Intermediate settled up as much as 3.1% near $90.89 per barrel on the June 10-11 trading sessions, while Brent crude climbed 2.7% to approximately $93.92. For context, that puts Brent nearly 36% above pre-war levels and WTI roughly 50% higher than where it sat before the conflict erupted on February 28.
The Strait of Hormuz problem
The Strait of Hormuz handles roughly 20% of global oil flows. The conflict has now stretched past 100 days as of early June 2026, cycling through military engagements, fragile ceasefires, and diplomatic talks centered on Iran’s nuclear activities. President Donald Trump has signaled the possibility of further US military actions, while Iranian officials are reportedly weighing their response options alongside a review of ongoing negotiation efforts.
Despite prior peaks that pushed crude above $120 per barrel during the hottest phases of the conflict, prices had cooled somewhat before this latest escalation dragged them back toward the $90 range.
