strikeJun 10, 2026

Oil Price Today (June 10): Crude oil rises to $92 as US attacks Iran in latest escalation. What’s next?

Summary

Listen to this article in summarized format The latest escalation came after the U.S. military targeted Iranian positions following US President Donald Trump's pledge on Tuesday to retaliate for the overnight downing of a U.S. Apache attack helicopter. The development has raised concerns that the fragile ceasefire between Washington and Tehran could come under renewed strain. Crude oil price on June 10Brent crude futures rose 83 cents, or 0.9%, to $92.29 a barrel, while U.S. West Texas Intermediate (WTI) crude gained 68 cents, or 0.8%, to $88.97 a barrel. The recovery follows sharp declines on Tuesday, when Brent settled at its lowest level since April 17 and WTI ended at its weakest since May 29. Prices eased after Israel and Iran suspended direct attacks on each other following Trump's call for both sides to step back. However, tensions remain elevated. Tehran has warned that it would resume hostilities if Israel continues targeting the Hezbollah militia in Lebanon. Israel's refusal to halt its campaign against the Iran-backed group has complicated Trump's efforts to turn the fragile ceasefire linked to the broader U.S.-Israeli conflict with Iran into a lasting agreement. Meanwhile, Iran continues to restrict most shipping through the Strait of Hormuz, a critical waterway that normally handles about one-fifth of global crude oil and liquefied natural gas flows. At the same time, Washington has imposed its own blockade on Iranian ports. The United States has served as a marginal supplier of crude and refined products during the conflict, increasing exports to both Asia and Europe. Analysts note that declining U.S. crude inventories could limit export availability and add further support to oil prices. Morgan Stanley said the oil market is in "a race against time", warning that the factors that have so far prevented a sharper rise in prices could begin to fade if the Strait of Hormuz remains shut through June. According to the brokerage, stronger U.S. crude exports and weaker demand from China have helped absorb part of the supply shock. However, it cautioned that global supplies could tighten again if disruptions in the strategic shipping route persist, especially beyond the period during which the U.S. and China can offset the impact. Haitong Futures said crude prices could move toward the upper end of their trading range as tighter supply-demand balances coincide with rapidly declining global oil inventories. Analysts added that even if a ceasefire is reached, shipping flows through the Strait of Hormuz may take months to normalise. Any damage to energy infrastructure could further delay the recovery process. (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times) (You can now subscribe to our ETMarkets WhatsApp channel) (What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2025, Share Market on Budget 2025 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Subscribe to ET Prime and read the Economic Times ePaper Online.and Sensex Today. Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price (You can now subscribe to our ETMarkets WhatsApp channel) (What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2025, Share Market on Budget 2025 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Subscribe to ET Prime and read the Economic Times ePaper Online.and Sensex Today. Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

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Veer SharmaBy Veer Sharma
Listen to this article in summarized format The latest escalation came after the U.S. military targeted Iranian positions following US President Donald Trump's pledge on Tuesday to retaliate for the overnight downing of a U.S. Apache attack helicopter. The development has raised …

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